One of the largest challenges for banks, financial institutions and FinTech companies is the need to stay relevant. To do so, we need to bring back the trust, give customers access to financial vehicles they never had access to before utilising this blockchain technology and look at what we can do for our clients with this emerging technology.
Now, more than ever, communicating and connecting them with customers makes it essential that as the marketers, we understand the potential for blockchain.
Blockchain based systems enable us to make transactions quicker, more transparent in that there is a record of every single transaction, making it easier to track what has happened in the past and naturally, it’s highly auditable. Unlike banks, blockchain has no intermediaries, transfers happen within a matter of seconds or minutes whilst still confirming that transactions are valid.
This technology revolutionizes FinTech in particular, because it adds a level of trust into the system and speed, particularly across border speed and it has the benefit of reduced cost of sending that money through a central bank digital currency.
Dentsu Wisdom had the privilege of hosting Alex Pryor, Head of Digital Innovation at EOH, one of Africa’s largest IT companies, on the topic of blockchain and the potential for marketers, particularly in the banking, financial institution and FinTech realms. Blockchain, often explained in technical terms that would go over most heads, simply put by Alex, is a computer system that gives us a digital version of real-world things.
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