Finansliv, Sweden: Cognizant’s Head of Business Consulting in Nordics Says Banks Must Develop a Strategy to Successfully Implement Blockchain Technology

“Financial services companies have already recognized the potential of blockchain. However, the implementation of the technology can still be challenging,” says Mats Johard. Excerpts:

“There are four key steps, which can help banks and financial services companies develop a successful blockchain strategy.

Sharing blockchain’s potential within a bank can reveal new approaches and uses. Identify and involve a core set of evangelists and seed them within your business and technology teams to educate and drive true innovation.

When building awareness of blockchain within your organization, you should first of all become knowledgeable about its opportunities, risks and limitations. Furthermore, as you make investments in IT, consider one scenario that might include the use of blockchain and evaluate decision-making in the context of such a possibility.

A good way to build your organization’s awareness and interest around blockchain is to identify a problem that provides hands-on experience with the technology. This “hedge” investment can be a way to spread the word about blockchain to a broader audience within your bank, without spending millions.

If your organization is already part of a consortium, or is considering one, expectations should be defined very carefully. Is it enough to put your organization’s name to the consortium, or can the relationship provide added value through more active participation?

Even if banks and financial services companies have started to work together on the technology, blockchain’s full potential is far from tapped.”

Click here to read the article in Swedish.