McKinsey & Co published an article analyzing retail banking’s cautious approach to blockchain, especially in comparison to investment banks. The latter are moving ahead to streamline back-office systems for processing investment transactions after the trade is made. Because of the article’s focus on retail banking, McKinsey doesn’t mention commercial banking where
trade finance has numerous blockchain initiatives.
McKinsey highlights the potential retail banking use cases as remittances, KYC/ID fraud prevention, and risk scoring. Surprisingly it omits mortgages. Silicon Valley startup
Figure Technologies has raised $120 million so far and is aggressively targeting the sector in the U.S.
Blockchain remittances
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