The new Zealand SBS Bank intends to use the blockchain

SBS Bank in New Zealand is considering the possibility of using the technology of the blockchain as a way of ensuring Bank efficiency and luxury customer service.

While some financial institutions have categorically denied the interest of its clients in the cryptocurrency, SBS Bank listens to global trends and taking a more active leading approach.

According to local source, the Southland Times, digital currencies and the blockchain were the two main topics discussed at the recent annual meeting of the Bank. Although the first still cause scepticism, the latter, of course, is given considerable interest.

«Today, we’re not too sure of the feasibility of using cryptocurrencies because of the high volatility. However, this does not mean that in the future the situation will not change. We are closely monitoring it,» said Executive Director of SBS, Shaun of Dili.

According to him, the blockchain will allow you to get access to banks to customers who have limited access to physical branches.

«All information of the applicant – for example, an application for a loan – can be saved and easily accessible through a distributed registry,» said Drily.

SBS Bank is not first Bank in New Zealand, which plans to use the blockchain. Australian and new Zealand banking group (ANZ) and IBM are collaborating to create a more systematic and efficient handling of processes of coordination of insurance with the help of this technology. Financial institutions also used the blockchain to digitize their paper Bank guarantee processes.

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