Blockchain to Save Financial Institutions $10B by 2030: Ripple Report

• Ripple’s report reveals that 97% of surveyed finance professionals believe blockchain will revolutionize faster payments in the next three years.
• Juniper Research estimates that financial institutions could save $10 billion in cross-border payment costs by 2030 if they embrace blockchain technology.
• The survey also found that 50% of respondents highlighted lower payment costs as the primary benefit of adopting cryptocurrencies.

Blockchain to Revolutionize Faster Payments

Ripple’s report shows that 97% of surveyed finance professionals across 45 countries expect blockchain to revolutionize faster payments in the next three years, demonstrating its transformative potential in finance. This embodies a significant shift from legacy rails for cross-border payments, with growing awareness of cost-saving benefits associated with blockchain adoption.

Cost Savings Potential With Blockchain Adoption

Juniper Research supports this notion, projecting that financial institutions could save approximately $10 billion in cross-border payment costs by 2030 if they embrace the power of blockchain technology. Among survey participants, over half agreed that the most significant advantage of cryptocurrencies is their potential to reduce costs, both domestically and internationally.

Survey Findings On Cryptocurrency Adoption

A noteworthy 50% of respondents highlighted lower payment costs as the primary benefit of adopting cryptocurrencies, demonstrating an increasing understanding on cost-cutting possibilities present within the financial landscape. Furthermore, survey results showed strong consensus among participants regarding cryptocurrency adoption and usage during eCommerce transactions citing higher security standards and increased transparency as additional advantages for customers and merchants alike.

Increased Demand For Cross-Border Payments

The eCommerce boom has caused a surge in demand for cross-border payments solutions with Ripple’s report finding that nearly two thirds (63%) have experienced increased demand for such services over the past 12 months due to COVID-19 lockdowns and economic uncertainty around the world. Nearly one third (30%) stated “significantly higher” demand indicating an increase trend likely to persist into 2021 and beyond as consumers continue to flock online for goods and services.

Conclusion

In conclusion, Ripple’s report highlights not only how blockchain is poised to revolutionize faster payments but also how it can enable financial institutions to achieve cost savings when conducting international transfers through its transparent and secure structure. With global eCommerce demand set to rise further still in 2021 & 2022, now is an ideal time for companies across all industries to explore how blockchain can help them meet customer needs efficiently while keeping prices competitive at scale.