How banks compete in the digital world has forever changed due to growing market acceptance of cryptoassets, the rapid advancement of cryptocurrency technology, and the at-scale participation of financial institutions in the crypto market.
This paper aims to help business and technology leaders in the banking industry capitalize on opportunities in the growing crypto market by evolving operations and delivering new crypto services and solutions that are trusted, transparent, and auditable. We explore three high-potential, innovative crypto applications and the key technical and operational building blocks that underlie a successful crypto infrastructure for today’s leading banking institutions.
In this paper, we also identify the seven key pieces that should constitute a bank’s operational infrastructure in order to deliver innovative and competitive cryptobased services. We believe evolving capabilities and business models in the key areas where crypto activities touch current operations will help banks seize the most promising digital services business opportunities in the expanding crypto market.
Institutional investors are growing interested in the adoption of crypto assets. Bank operations are to evolve to fully capture the potential of this new asset class to meet customer and regulatory needs.
Proponents of cryptoassets say the currencies have the potential to solve some of the stickiest problems in the broad financial ecosystem and create new levels of openness, trust and scale.