THINK Week in Review: The “Blockchain” Edition

Now that the early hype around blockchain has died down, what do executives around the world really think about the distributed ledger technology that promises to transform everything from ingredient tracking to banking? Has Blockchain reached an ‘Inflection Point? “The key findings? While 44% of the executives believe blockchain to be overhyped — an increase from 34% in 2016 — 84% also think that blockchain technology is “broadly scalable and will eventually achieve mainstream adoption.” Moreover, three-quarters of the respondents report that their executive team sees a “compelling business case” for using blockchain, and 68% say that their competitive advantage is on the line.” How (and why) members and credit unions don’t see eye to eye. “While digital fans in the industry talk about creating omnichannel experiences that will let consumers start matters on one channel and finish on another, seamlessly, what they really want is to cross the matter off their list in one step.” New data: Why bank customers prefer convenience over security. “As many as 71 percent of financial consumers reported being satisfied with an authentication method if it was easy to use, while 62 percent like authentication methods that are convenient. In comparison, only 45 percent said they would prefer an authentication method due to its tight data security. At the same time, though, the risk of identity theft and fraud is at an all-time high. Just last year, the Equifax breach, Russian ransomware attacks and a series of security breaches left consumers’ financial and credit information exposed, and trust ruined. So, how are financial institutions (FIs) to reconcile the disconnect between the demand for fast, convenient identity verification and the need for strong digital security? So, how are financial institutions (FIs) to reconcile the disconnect between the demand for fast, convenient identity verification and the need for strong digital security? A CTO guide to Digital Transformation in Financial Services. “To build the whole picture, digital transformation is more than a buzzword, it’s a lengthy process that requires commitment and maturity to be monetized on. What this means for a CTO in Finance is responsibilities stretching from new technology readiness – having a clear vision stands higher on the agenda – to move beyond the particularities of technology and transform a conventional organization for the future. Nourish your leadership, communication, and even predictive skills consistently to unlock a sustainable edge in the race for innovation.” CFOs play a major role in Digital Investment Decisions across the Enterprise. “The CFO role has evolved over the last several years, from accountant to business partner to a strategic advisor across the entire enterprise, becoming the economic guardian of planned outcomes for digital investments ,” said Steve Culp, senior managing director at Accenture and global head of the company’s Finance & Risk practice. “In addition, CFOs are fast becoming the digital stewards of their organizations, leveraging predictive analytics and artificial intelligence to better interpret data for key business decisions that drive value, improve efficiency and enable strategy beyond the borders of the finance function.” Make sure everyone on your team sees learning as part of their job. “Companies are investing considerable money and time into developing talent, but without doing the up-front work to ensure that leaders are building a learning culture. Frontline managers have the largest and most immediate influence. If you’re a manager who wants to grow your team, demonstrate that you’re committed to growth yourself.”