A boutique bank in China, called Ping An Bank has revealed that part of its business changes, is to use Blockchain, Internet of Things, and big data to enhance its services to customers. This will be a new platform that can provide financial services to individuals in a way that will bring about low cost and high efficiency.
Blockchain to be Used in Verification Checks for Risks Control
These technologies will be used for verification checks in order to control risks. Also, loans will be automatically approved and also monitored to reduce the level of risks. They will solve financial difficulties which will help to issue more loans to its customers. As is the case with modern-day technology, lesser human power will be employed in the bank’s processes.
Ping An Bank is a boutique bank that offers its services to small and medium-sized enterprises. It has estimated that by 2019, it’ll have 1,200 public IT team. On closer inspection, this is equivalent to a bank manager to four account managers as well as technical research experts.
Ping An Bank’s Goal is to Be an Open, Intelligent Bank
According to ao Guiping, assistant director and executive director of the bank, their goal is to be an open, intelligent bank. The bank aims to be an open platform that can empower its customers. Instead of a double light drive approach used in its traditional banking methods, this bank is embracing a light assets method that will yield light capital.
ao Guiping also added that this new approach will enable their account managers to operate their customers’ accounts more efficiently. The customers will also be able to discover the bank’s financial resources which have been made available. This is with the use of technologies that can provide an improved level of experience, efficiency, and give immense value.
Other Industries Adopting Blockchain
The financial industry is just one out of several industries that are adopting the Blockchain technology to facilitate their processes. It was earlier reported that the CEO of Autodesk believes that this technology will help in enhancing the level of trust in the construction industry.
This was attributed to the high level of transparency of the Blockchain and the ability of data to be traceable. As a result, people in this industry can finally learn to trust each other. This is because they will be confident that they are dealing with data that has not been tampered with.