Yesterday, Netherlands-based credit management firm Onguard published results of a survey conducted by Verdict about the awareness of blockchain and its benefits in the financial services industry. The report found that about 29% of finance professionals had no idea what blockchain is, and 19% did not know how it could be used within finance, giving a combined 48%.
The results are based on a survey of 1,000 finance professionals by Onguard.
However, the most significant lack of awareness was in the more junior ranks. Over 57% of CFO’s are already using or planning to use blockchain. But it seems this knowledge is not trickling down the hierarchy. About 52% of finance professionals said blockchain was never mentioned in meetings. However, 45% of CFOs said they talk about blockchain once a week, and 17% said they discuss the technology every day.
Onguard found that only 10% of financial professionals perceive blockchain to be a disruptive technology. Cloud solutions (38%), AI (32%) and big data (30%) are expected to have the most significant impact on the finance sector, the survey said.
Greater awareness of these other technologies contributed to the 67% of finance professionals who were either planning deployment or using new technologies such as AI and blockchain.
Those who understand the disruptive potential of blockchain and allied technologies (about 38%) believe financial services firms must update their business models. About 39% of respondents believe AI and blockchain will have a significant impact on employment in the sector.
“In 2018, technologies such as blockchain and artificial intelligence were mostly discredited and labelled as ‘hype’. However, we can now see that organisations have actually started adopting them,” said Marieke Saeij, CEO, Onguard.
Saeij further added: “While the exact uses of blockchain are not yet defined, the level of activity using this form of technology is only going to increase. […] With nearly two-thirds of CFOs already preparing an initiative related to blockchain, I expect that this is just the beginning of a blockchain revolution.”
Meanwhile, Gartner’s Blockchain Hype Cycle shows finance as in the trough of disillusionment.
Below are recent blockchain surveys:
Accenture: blockchain for aerospace
Boston Consulting Group: blockchain for transport and logistics
Cap Gemini blockchain survey
Deloitte 2019 blockchain survey
Deloitte 2018 blockchain survey
EY blockchain (finance and tech professionals) survey
EY fintech adoption survey
EY APAC blockchain survey
IDC semi-annual enterprise blockchain forecast
IHS Markit survey
KPMG technology industry innovation survey
PwC blockchain survey
PwC China blockchain survey
World Energy Council / PwC blockchain survey
SAP blockchain survey
TD Bank payments industry survey
BNY Mellon payments survey
Friss insurance survey
Juniper enterprise blockchain survey
BIS Central Bank Digital Currency survey
IBM / OMFIF Central Bank Digital Currency survey 2018
IBM / OMFIF Central Bank Digital Currency survey 2019
ING general population cryptocurrency attitudes