Synechron Survey: Blockchain and AI Will Have Huge Impact on Financial Services Over Next 10 Years

Synechron, a global consulting and technology innovator in the financial services industry, has released the results of a survey conducted by the TABB Group for Synechron on the potential of blockchain and artificial intelligence ( AI) in financial services, with respondents believing that they will have a major impact over the next 10 years. After conducting the survey with 92 banking and capital markets institutions, the findings found that there is still a perception among decision-makers that working with blockchain and artificial intelligence is in some way circumventing or changing key regulatory requirements. "Many people do not fully understand that the underlying technology is not aimed at changing the rules of compliance and regulation, but will, in fact, allow for more efficient and less risk-averse compliance with regulations," Synechron CEO Faisal Husain told Bitcoin Magazine . "The technologies are optimizing what financial institutions can achieve, not what rules they can circumvent." Husain believes that it is this perception that is the likely result of all the early hype that surrounded the use case for Bitcoin, suggesting that blockchain evangelists need to educate the markets about the realities of peer-to-peer cryptographic technologies.