Capgemini, one of the world’s foremost providers of consulting, technology and outsourcing, has accelerated its specialized block chain practice within its financial services business unit to help clients improve operational efficiency, security, customer service and capture new market opportunities. Capgemini has recruited a core team of leading block chain technology specialists with 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. Capgemini 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 block chain technology represents a major step in the firm’s move towards developing FinTech (financial technology) 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.”

“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.”

“Blockchain technology has the potential to be a disruptive force in the financial services industry and is rapidly gaining traction due to a rich ecosystem of startups, technology majors, and investments by leading financial institutions,” said Jimit Arora, Partner, Everest Group. “Blockchain use-cases in financial services have the potential to deliver significant transaction cost savings and at the same time increase transparency for regulatory reporting, minimize counterparty risk, and enable secure, efficient, and near real-time settlements. As the technology matures and adoption increases, financial services firms will leverage multiple integrated hyperscale distributed ledgers backed by APIs to drive seamless connectivity and interoperability over public and private networks.”

In insurance, Blockchain can be leveraged for smart contracts[1] 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.”