Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

Financial services industry needs trust for stability

Financial services industry needs trust for stability

Tomorrow marks the 10th anniversary of the collapse of Lehman Brothers, which triggered the worst global financial crisis since the 1930s.

Since the crisis, a litany of stakeholders, including governments, regulators and consumers have called for a restoration of trust in the sector.

Ten years on, scepticism and doubt still prevails, with only 55 per cent of Britons claiming they trust their banks[i].

Many critics argue the need for greater transparency is now more important than ever before. Experts claim innovations such as fintech and blockchain hold the key for improved openness. Thomas Coughlin, CEO of Kinesis Monetary System, a recently launched gold-based stable coin, believes technology holds the key to restoring trust in the financial services sector.

Thomas comments: “Ten years on from the credit crisis of 2008, the financial services industry is in critical need of the restoration of trust to avoid the creation of another hype bubble, similar to the one which developed within the housing market in 2008. The crisis led to a chorus of calls from a range of important stakeholders such as governments, regulators and consumers asking for the industry to become more accountable and transparent. Today, innovations in technology are allowing greater levels of accountability than ever before. The advent of blockchain technology, for instance, allows for the creation of digitised, shared and trackable sets of data, allowing not only increased visibility but stored, downloadable ledgers for all stakeholders to see.”

“As we look ahead to the next ten years, the stability of the wealth creation industry is pivotal to the growth of leading world economies. Blockchain technology can provide the trust and transparency the financial services sector needs to ensure complete visibility of transactions to the myriad of stakeholders on a micro-level, broken down to each second of the day.”

“Tapping into this technology, Kinesis Money has created immutable, secure, and easily exchangeable, digital record of gold ownership on the blockchain. This ownership can be exchanged as a stable coin on the blockchain, as fiat currency for everyday transactions or just as digital IOU for real, physical gold – the $50 million Kinesis has raised so far is testament to the growing confidence in blockchain technology amongst the investment community around the world.”

[i]https://yougov.co.uk/news/2017/05/19/most-brits-trust-banks-dont-think-they-work-custom/

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post