TDB’s Awori on how blockchain technology is transforming the banking industry
Blockchain is revolutionising the speed and efficiency of transactions. While the application of the technology is still in the proof-of-concept stage, it could play a positive role in a diverse range of industries and sectors including banking, for more on how best it could change banking as we know it, CNBC Africa is joined by Micheal Awori, Chief Operating officer for the Trade and Development Bank for more.
Mon, 31 May 2021 14:43:39 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Blockchain technology offers the promise of reducing processing time, cutting costs, and serving clients better in the banking sector.
- The adoption of blockchain in trade finance not only streamlines transactions but also promotes inter-African trade and environmental sustainability.
- The COVID-19 pandemic highlighted the importance of digitization and efficiency, accelerating the adoption of blockchain technology in traditional banking practices.
Blockchain technology is disrupting the financial sector, particularly banking, by revolutionizing the speed and efficiency of transactions. While still in the proof of concept stage, blockchain holds the promise of reducing processing time, cutting costs, and ultimately serving clients better. Michael Awori, Chief Operating Officer of the Trade and Development Bank, highlights the impact of blockchain technology on trade finance and how it can drive benefits for the environment. He explains that blockchain is more than just cryptocurrencies and that it has the potential to transform traditional banking practices. The COVID-19 pandemic acted as a catalyst, emphasizing the importance of digitization and efficiency in transactions. By adopting blockchain technology, banks can better compete with fintech startups and bridge the gap in offering innovative financial services. The use of blockchain technology has proven successful for TDB, as they have facilitated transactions worth millions of dollars and received positive feedback from clients. The road ahead looks promising as blockchain continues to reshape the banking industry and drive value for customers.
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