The Increasing Role of Web3 in Financial Services

When blockchain was first introduced back in 2008, it served as a distributed public ledger to support bitcoin transactions. Today, an increasing number of industries are looking to web3 to engage their customers in digitally-centric experiences like cryptocurrencies and NFTs.

Global financial service leaders are turning to web3 to maintain a competitive advantage, given the security and transparency it provides and its potential to increase efficiency and reduce costs. According to Deloitte’s 2021 Global Blockchain Survey, "banks should embrace their inevitable digital future. In a seismic shift, financial leaders increasingly see digital assets as the future."

Key findings of the survey:

• 81% of survey respondents agreed that blockchain technology is broadly scalable, and has achieved mainstream adoption
• 73% of survey respondents agreed that their organization would lose an opportunity for competitive advantage if they didn't adopt blockchain and digital assets
• 80% of survey respondents agreed that their respective industry would see new revenue streams from blockchain, digital assets, and/or cryptocurrency solutions
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The time to incorporate web3 technology into your fintech platform is now. At TrueNorth, we are very aware of blockchain’s potential for our clients which is why we have partnered with ConsenSys, a market-leading blockchain technology company. This ground-breaking partnership leverages TrueNorth's fintech engineering expertise with ConsenSys’ comprehensive web3 software platform to allow clients to create in-demand experiences like NFTs, wallets, and asset tokenization.

TrueNorth CTO and Co-Founder Agustin Sanchez notes, “We’re always looking to optimize and better our offerings for our clients, and we make it a priority to stay ahead of the curve with the latest solutions and technologies. Collaborations with other innovative companies is a great way for us to broaden the solutions we provide our clients, and this partnership with ConsenSys is a perfect example of that.”

Fletcher McCraw, Head of Partnerships in the Americas at ConsenSys, adds, “Matching cutting-edge technologies with reliable fintech software engineering expertise makes blockchain innovation more accessible. This partnership gives clients access to a team of highly specialized fintech engineers with experience implementing our products. A win-win.”