Innovation in the financial sector: An analysis of the use of blockchain technology in financial institutions in Portugal
Keywords:
Blockchain, Efficiency, Financial Institutions, Security, TechnologyAbstract
In recent years, technological advancements and the history of fraud instances involving financial institutions have resulted in a surge in interest in blockchain technology. Consumers have shown increased interest in and demand for cutting-edge services including new investment options, quicker foreign transfers, and alternative payment methods.
The global financial system might undergo substantial changes as a result of DeFi (decentralized finance). Financial institutions should thus think about putting forward-thinking business ideas into practice and strategically positioning themselves in this quickly expanding market for digital assets.
In addition to assessing the potential advantages of implementation, this study will look into the ideas and methods employed by the banking industry in relation to blockchain adoption. Blockchain is a game-changing technology that could greatly increase financial industry transparency and trust. Among its main advantages are smart contracts, cost savings, enhanced security and efficiency, quicker transfer times and better information quality, and the development of new consumer services.
Regarding the methodology used, an online questionnaire survey was conducted to understand the willingness of financial institution customers to use services based on blockchain technology. The study sample consists of 168 respondents, and the survey results indicate that, in general, customers are receptive to the use of new services based on this technology. In other words, financial institutions observing these trends should follow the path of innovation and implement strategies that enable the adoption of blockchain technology to ensure the continued satisfaction and trust of their customers, strengthen their competitive position, and avoid being overtaken by the competition.
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