The core competency of banks is being confronted by the arrival of new entrants and technologies. Digital wallets such as PayPal, Apple and Google are already starting to look at offering preferable payment experiences for online or in-app purchases. The same applies for P2P money transfers. By focusing on a smaller aspect of the banking proposition and free of legacy, new entrants are positioned to deliver a competitive customer experience and pricing.
The challenge for established financial services, is to keep up with the speed in innovation. Legacy technology and difficulty of deploying new technologies through fast deployment cycles is a widely heard concern. Long-term planning is quickly becoming obsolete, with new approaches being based on learning by experimenting, which is well-suited to the fast changing landscape of consumer finance.
From recent developments in financial technology, a disruptive new technology has emerged called ‘blockchain’. This innovation has the potential to empower the existing world, and is increasingly considered as the financial challenge of our time. It could change the way the financial world operates. With blockchain technology, banks can provide their customers with low cost innovative financial infrastructure based on distributed settlement, improving latency and system security. Developing new products and services, and leveraging the fact that established banks are still considered as trusted custodians, will contribute to a continuous relationship with the customers. This also reduces the risk that banks are left to carrying the cost of acquiring and servicing its customers as interactions decrease.
Since 2013 Quantoz has been building blockchain-based solutions. Quasar is our open-standards, distributed, permissioned blockchain-based electronic cash system with built-in rules to fulfil regulatory and compliance guidelines. Quasar can be used to bring account-driven digital payment propositions to market quickly and provides a means for banks to consolidate and strengthen their value proposition. Quasar shows how a blockchain-based digital cash solution has the potential for real-world application, by demonstrating how current banking infrastructure can be integrated with this new emerging technology.
Quantoz is a technology-driven business specialized in building blockchain-based solutions. We enable companies to accelerate their pace of innovation with pragmatic solutions by leveraging internal and external insights and technical capabilities. Although our solutions are expected to have significant potential for wide application across various verticals, current focus is on the financial services industry.
Despite being an ‘emergent FinTech’ company with innovative and disruptive concepts that could disintermediate incumbent financial services firms, we see our role primarily in support of established players. We support the financial services sector to integrate legacy infrastructure with emerging open-standards technology. Quantoz believes that established players can benefit from revolutionary technologies, also by engaging with external technology specialists early on in the innovation process.
To execute our solution-based strategy, Quantoz collaborates with independent consultants and implementation partners. Quantoz’s extended corporate network includes consultants who bring industry knowledge in payment services to the table, adding valuable know-how to our team. Contact us to become part of our network.