SEARCH
No excuse to not embrace blockchain
No excuse to not embrace blockchain
A data group has said that wealth managers have no more excuses to not adopt new innovative technology, particularly blockchain.
GlobalData, a data and analytics company, said that wealth managers still lagged behind when it came to adopting the decade-old blockchain technology.
At a recent Money 20/20 event, GlobalData's senior wealth management analyst Heike van den Hoevel said the blockchain technology was still a divisive one.
"Bring a panel of experts together and they will not only disagree on where we are headed in the blockchain universe, but what exactly makes a blockchain and what differentiates it from a database.''
Mr Hoevel said it was no surprise then that adoption had been slow, but it was time for the industry to pick it up.
''This has to change as increasing regulatory pressures and rising compliance costs will drive the adoption of new technologies, particularly when they offer much-needed efficiencies," he said.
A recent GlobalData survey showed that there was a lack of confidence in blockchain, with 30 per cent agreeing it isn't secure for wide use and 35 per cent felt it wasn't relevant for client-facing operations.
Mr Hoevel disagreed and said blockchain had the potential to solve complex security requirements that presented client onboarding challenges.
"Blockchain presents a solution because records are immutable, and with a customer's authorization data could be shared instantly across different institutions, significantly cutting down onboarding times and costs," he said.
Other entities in the financial sectors had taken up blockchain and Mr Hoevel said it was now time for wealth managers to do the same.
''Despite the ongoing confusion surrounding blockchain, there are already tangible benefits to be had and it's time for the sector to stop making excuses and adopt."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
