[Analysis] Blockchain and retail banking: Making the connection - Higginson, et al.
Retail banks are lagging behind investment and central banks in researching and implementing distributed ledger technology to their own loss writes McKinsey & Co. Regulatory and tech concerns persist to be issued for adoption. Data handling, disintermediation, and trust through remittance programs, KYC info sharing, and credit risk scoring are real use-cases for DLT application. McKinsey & Co. estimates DLT-based remittance programs could save $4 billion annually and an additional $10-14 billion from costs, fines, and fraud associated with KYC compliance.
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