Why should financial services businesses consider using Blockchains?

Written by Jeffrey Mushens, Head Proposition, TURN

TURN is a UK-based business that enables the sharing of mutual funds regulatory and operational data between financial services businesses such as asset managers (that create and administer the funds - think the likes of Blackrock or Vanguard or Fidelity) and distribution businesses such as investment platforms (think Aegon or Hargreaves Lansdown), banks or advisory networks. Firms in the ecosystem need the data for pre-and post-sale disclosure (and other) requirements. These requirements apply across Europe and derive from European financial services regulations, such as PRIIPs, MiFID, Solvency 2 and SFDR. However, don’t worry, I’m not going to talk about TURN, except tangentially, but focus on why it chose a blockchain solution for its customers which operate in the financial sector. I’ll then use this real-world example to suggest other promising areas in financial services, related to asset management that would likely benefit from the use of blockchain.

So, why are blockchain-powe…