Rakbank, Who Has Integrated RippleNet, Has CEO Asks Peers To Embrace Blockchain Technology

Rakbank CEO Peter England says that traditional banks have to work towards empowering companies that are working to develop blockchain technology.

England said that APIs and distributed ledger technology present an opportunity to change the way international payments are handled, adding:

“Blockchain technologies do have the potential to disrupt the financial services industry and create a gap in the market for innovative solutions, which is why banks need to embrace opportunities rather than resist challenges. The age of blockchain-powered, instant, low-cost bank remittances is quickly taking shape and we see this as a trend that will carve out its own niche. Appetite for technology improves economic participation and competition and there is clearly a role for banks to play in developing and supporting companies engaged in blockchain.”

Rakbank has worked with Ripple, but which has been developing a blockchain-based payments system to make cross-border payments easier.

The bank has already used Ripple to allow customers to send money to counterparts in India and Sri Lanka, and although England said the technology isn’t much different in terms of speed or cost when compared to traditional bank-to-bank systems, it's made it much easier for us to go and connect to multiple banks without a lot of re-work.

England is a fan of forward-leaning technologies. The company is using AI technology to help engage with customers in the form of an interactive and cognitive chatbot that allows bank employees to quickly route a pending request to human advisors. Regarding this, he said:

“The chatbot is unique as it has analytic capabilities and can even detect the mood and emotional state of employees, modifying responses as it deems appropriate. By using AI technology to power our chatbot, our employees are able to get answers to their queries easily and in real time. As investment into innovation and technology increases, we anticipate strong appetite to integrate AI into customer-facing applications”

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