Digital process automation and blockchain in financial services

Dec 8, 2022

Its no surprise that technology is rapidly evolving and we are looking to use them to enhance productivity and efficiency across all industries. Blockchain is one such technology that is making its way from cryptos and NFTs to industries meanwhile the financial world is looking to implement this in its day to day structure so as to be in forefront of innovation.

Millions of transactions happen every day between multiple parties. Handling that while also providing security to customers is difficult. This leaves a lot of clients susceptible to vulnerabilities and risk like frauds and counterfeit, illegal activities. Data redundancy and integrity is another issue that rises with manual handling of tasks and intermediary. Since a lot of tasks are manual, it can take a lot of manpower and time to finish them. Blockchain can handle all these issues deftly. It’s a decentralized and distributed ledger that records every update and those data are immutable i.e., no one can tamper or change those data. The name blockchain comes from the individual blocks storing data that are linked via cryptographic chains. All participants in the network can have top-to-bottom overview of the structure and every information about every phase of the process is available to them. This eliminates the need for intermediaries.

Digital automation can also eliminate a lot of manual tasks and manpower. Smart contracts can self-execute computer protocols without any human intervention. They execute when predefined conditions are met by the parties involved and the contracts is embedded logically into the code so as to enforce all the rules and agreements.

1. Reducing Costs:

Inducing Blockchain and automation of services will reduce a lot of costs for financial companies since a lot of tasks will get easier to manage and automated digitally. Customers also look for financial services that are cheap and complete so economical packages help attract more customers.

2. Weeding out counterfeit and increasing transparency:

As mentioned before, blockchain aids with a transparent bird’s eye view of the entire process. This helps in spotting fraud and counterfeits easily and to remove the consistently. Financial frauds are the biggest concern in this industry and blockchain powered solutions can solve that.

3. Security:

Companies deal with so much transactions and money each time that security is a big concern. With a decentralized network and immutable data that cannot be tampered with, blockchain can overcome these concerns quite easily.

Digital Automation and blockchain powered solutions will make money transfers and payments faster and secure. Customers will be provided with more complete and low-cost services that take care of their requirements. Business processes will be streamlined and all associated parties can trust each other. With MSRVantage’s next gen solutions and complete services your financial requirements will be securely met. Innovative and inclusive solutions will make sure your financial services to valued customer is updated and in line with new tech while also being easy, succinct and fraud – free.

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