Consulting and outsourcing giant Capgemini has stepped up its specialized blockchain practice in an effort to help clients improve operational efficiency, security, customer service and capture new market opportunities.
The company has recruited a core team of leading blockchain technology specialists within its financial services business unit and plans to expand its global team to more than 100 professionals by year-end.
Capgemini already consults for several major banking institutions, regulators and insurers and is helping institutions assess and implement a range of blockchain-related solutions across retail banking, commercial banking, global markets and insurance.
“Blockchain is a game-changer in the industry and no financial services firm can afford to ignore it,” said Anirban Bose, Global Head of Banking and Financial Services, Capgemini. “Blockchain is a good architecture to consider as the velocity of financial transaction processing increases, as it can reduce processing time from hours to minutes while providing unprecedented levels of transaction security. Central banks, financial institutions, and technology firms are beginning to embrace blockchain’s potential, and we are driving our expertise to be at the forefront of its adoption.”
The company will provide a range of consulting and technology services including: feasibility studies, business case assessments, operating model design, advisory services on systems architecture and full-scale systems integration.
According to Thierry Delaporte, Chief Executive Officer, Capgemini’s Financial Services Strategic Business Unit and member of the Group Management Board, “Capgemini’s accelerated focus on blockchain technology represents a major step in the firm’s move towards developing FinTech solutions that are becoming a catalyst for change and innovation in the financial services industry. Capgemini is collaborating with FinTechs to develop innovative blockchain solutions on Micro Payments, Syndicate Loans, Asset Management and Claims Handling which Capgemini will implement as a preferred systems integrator.”
In insurance, Blockchain can be leveraged for smart contracts to automate and transform claim verification and payouts processes. “Blockchain technology will further improve claims processing times and set in motion a series of innovations in pricing and controlling risk more precisely,” said John Mullen, Head of Global Insurance, Capgemini. “Insurers will benefit not only from increases in automated claims processing but also from the vast security improvements of those claims, while creating automated payouts for insured events with better protection for trusted customer information.”
Download Capgemini’s whitepaper – Blockchain: A Fundamental Shift for Financial Services Institutions or visit www.capgemini.com/blockchain for more information.