Three Irish banks have partnered with Deloitte to develop a blockchain-based financial services industry education platform.
In addition to Bank of Ireland, AIB and Ulster Bank Ireland’s Institute of Banking is also involved in the project.
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The new platform will support the verification, tracking and management of professional and regulatory qualifications and learning credentials of the employees.
The usage of Deloitte blockchain solution is expected to reduce annual costs and reduce associated operational and regulatory risks. It will also reduce manual efforts to comply with the Central Bank of Ireland’s regulations.
Furthermore, the platform will provide the banks with a complete overview of their talent framework and competencies.
Deloitte head of financial services and lead of the EMEA Blockchain lab David Dalton said: “This is a great application of blockchain technology to a vital area of banking.
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By GlobalData“We are delighted to support The Institute of Banking and the banks involved in this project and look forward to the results that this initiative will deliver.
‘This is an excellent example of innovation in banking in Ireland and our dedicated blockchain team in Dublin are excited to be supporting this project.”
Ireland Minister for Finance and Public Expenditure and Reform Paschal Donohoe said: “This initiative between Bank of Ireland, AIB, Ulster Bank, Deloitte and the Institute of Banking is an excellent example of how, through collaboration, Ireland is delivering real change and preparing the country for the future.
“I fully support the development and adoption of new technologies like blockchain, as a way to encourage digitalisation and foster innovation.
“This project will deliver improved customer experience, lower costs and reduce operational and regulatory risk, while allowing for professional development and further competencies training.”
