JPMorgan Chase and consultants Oliver Wyman have joined calls for traditional investment banking to “embrace the Blockchain” or be left disadvantaged.
Also read: Forex Expert: Bitcoin Should Be Taken More Seriously
JPMorgan: ‘Get Off the Sidelines’
In a joint report issued last week, the firms described the current industry mood as “a consensus… forming that [Blockchain] is the real deal.”
“Disregarding it is a risk,” they write.
Wyman and JPMorgan, the latter already heavily invested in ‘testing the water’ regarding Blockchain particularly for payments, highlight what they see as a lack of activity on the part of asset managers. They argue in the report:
The blockchain journey is likely to be long and the outcome is uncertain […] asset managers need to get off the sidelines and take the initiative to understand and embrace blockchain.
Last week similarly saw a report by consultancy firm Bain Company which criticized banks for adopting a “wait and see” approach to growing innovation, something which could leave them “flat-footed” and vulnerable to competition and revenue collapses of up to $150 billion.
JPMorgan and Wyman however adopt a more measured tone.
“Initially, we expect the first two waves to be focused