Blockchain has emerged as a disruptive technology offering benefits to nearly every industry. Many enterprises across various industries have built their products and processes on decentralized ledger technology. The size of the blockchain market is predicted to reach USD 39 billion by 2025.
To give a quick recap, Blockchain-based platforms allow P2P and instantaneous transfer of value in the form of digital assets, without the involvement of any intermediary. It has encouraged the global FinTech markets to explore the efficiency of the digital asset economy. Banking is one industry that has readily adopted blockchain technology and has revolutionized conventional banking processes.
As a result, many start-ups and corporates have already begun exploring a white label crypto bank solution to quickly transition to blockchain-based banking and gain an essential competitive edge.
Benefits of Integrating Blockchain Technology in the Banking Industry
Blockchain holds huge potential to reduce fraud in the financial sector where 45% of financial intermediaries like stock exchanges and money transfer services are prone to financial crimes every day. Most of the banking platforms are centralized so they are more vulnerable to cyber attacks. Blockchain technology helps prevent online fraud, thereby enabling secure transactions.
Know Your Customer (KYC)
Financial institutions spend anywhere from $60 million to $500 million per year to keep up with their Know Your Customer and customer due diligence regulations. These regulations are meant to help eliminate money laundering and terrorism activities by having requirements for businesses to verify and identify their clients. Blockchain technology allows users to maintain their digital identities in a single place. This information can then be requested and accessed by multiple companies, thereby eliminating the need for users to get their verification done again and again.
Blockchain disruption could be highly performative in the payments process. It would reduce the banks’ security cost and process payment between organizations and their clients and even between banks themselves. Blockchain helps get rid of all the central authority in the payment processing system.
If you are planning to create your own blockchain-based banking platform, Antier Solutions can help. Our skilled team of blockchain developers follows a forward-thinking approach to offer top-notch crypto banking development services. At Antier Solutions, we not give a shape to your business idea but also answer your every query- like many business owners approached us to know how do I develop a neobanking app, what are the functionalities we can integrate on our banking platform, and more.
We provide a white label crypto-friendly banking solution packed with all essential banking features – such as user onboarding, lending and borrowing, credit and debit cards, and more. On the contrary, we can build custom crypto banks for you, from scratch, as per your business needs.
Schedule a free demo of our white labelcrypto bank solution or connect with our subject matter experts to share your business needs to create your own crypto bank from the ground up.