Since its inception, blockchain technology has had a revolutionary effect on several industries. Data suggests that global spending on blockchain will rise to $19 billion by 2024. This is up from 4.5 billion in 2020.
Remarkable, isn’t it?
One of the sectors greatly benefiting from blockchain technology is FinTech. This article series covers four key ways blockchain is revolutionizing the FinTech industry.
Regulatory Compliance and Audits
Today, most companies are required to adhere to a strict set of regulatory standards. These govern the way institutions handle and process financial data. In this regard, blockchain will be instrumental in regulation compliance.
For small and medium-sized businesses operating outside of major metropolitan areas, this has been challenging. This is due to the costs that come with a global compliance team on staff.
However, this is now changing. FinTech companies are now adopting blockchain-based solutions for cross-border payments and regulatory reporting. As a result, it is much easier for small businesses to adhere to global regulations. This is because there is no need for advanced technology tools or expensive consulting firms.
By Using public blockchains for data processing, FinTech businesses will be able to:
- Significantly reduce the costs of hiring compliance staff
- Meet regulatory reporting requirements
- Reduce the time it takes to process transactions and prepare reports
These are especially important in an era where customer experience counts more than ever before.
Matching Blockchain With the Right Talent
For FinTech companies, adopting blockchain technology can translate to growth acceleration. However, other elements will also play a crucial role in this. Key among them is the talent you bring in to actualize your vision.
Without the right people in your team, you won’t be able to capitalize on the tremendous potential blockchain technology offers. Martin Executive Recruiting is a recruitment agency that helps companies find top-notch talent. Get in touch with us today to find the FinTech talent that will help you scale.