70% of Financial Institutions Believe Blockchain Will Be Good for Business

Despite claims that blockchain could be a disruptive technology, a new survey has found 70% of financial institutions believe the innovation will positively impact their business.

Notably, this figure rose to 90% among financial institutions that reported a strong awareness of the technology, according to data from business advisory firm FTI Consulting. The findings came even as respondents suggested they also believe that blockchain technology could make it easier for criminals to finance illegal activities and sidestep regulations.

According to managing director Dan Healy, the survey was not the subject of a formal report, but rather a more informal process meant to help FTI learn more about the perception of blockchain technology among major financial firms. In total, the survey received more than 700 responses.

Healy told CoinDesk:

"We did it primarily for our own information, to learn what financial institutions know or think of this. We hear a lot about the same FinTech companies eating the lunch of more traditional financial institutions and this was with that view."

The findings show that while the majority of financial institutions (65%) reported they are aware of the technology, just 26% say they are knowledgeable about it.

Institutions were most likely to report a knowledge of blockchain in the UK (35%) and least likely to indicate an awareness in Australia (14%).

Elsewhere, 19% of financial institutions said they believe they are fully prepared for the impact blockchain technology could have on their business. However, his figure rose to 52% among institutions that reported a greater knowledge of the subject.

Smile balloon image via Shutterstock

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