eKomi StarInsights: Blockchain & The Banking Industry

This edition of StarInsights will focus on the future of the Banking Industry, while also concentrating on the effects that Blockchain will have on the industry.

eKomi Explains

If you have heard of Bitcoin, the popular digital crypto-currency, then you have probably heard of the powerful technology that underpins Bitcoin, “Blockchain.” Not to be confused with any speculation regarding Bitcoin’s future, including whether or not the controversial digital currency is a bubble, blockchain has a definite and promising future.

The blockchain technology is gaining even more attention throughout the world as research and development continue to inspire more companies to invest in blockchain solutions. Especially as more start-ups release blockchain technology, large companies are taking notice of this threat and are considering many strategies on how to ease disruption. Globally, people are saying that blockchain will change the world in a similar way that the internet did.

Blockchain, in simple terms, is a technology that allows two unconfident peers to make a verified transaction (a binding contract) without a middleman. The blockchain technology removes the need for a middleman due to people being able to make peer-to-peer transactions without the risk of their data being breached. At its core, a blockchain adds trust into any given network and is the ultimate computer that never stops. Once launched, the blockchain never turns off and works relentlessly to ensure transactions are anonymous and secure.

So why should you care? Blockchain has the potential to change the framework of virtually everything. In essence, blockchain is a shared and trusted public ledger that everyone can inspect, but no single user can control. Birth and death certificates, insurance claims, voting, supply chain, healthcare, finance, and the government will all be disrupted by blockchain technology. As blockchain become more efficient, corporations will be faced with having to give up control of their lists and data, which means a shift of power is likely to occur. Blockchain enthusiasts also believe the technology will disrupt global politics because they think it will replace dysfunctional decision-making in governments.

The Banking Industry

According to a study by IBM, 91% of banks will be investing in blockchain solutions by 2018. Banks across the world are using many resources to learn more about how blockchains are impacting the market. Banks that are currently operating on blockchain technology are being viewed as “trailblazers” within the industry, and are inspiring for daring to break through barriers. Roughly 15% of the 200  banks surveyed by IBM expected to have a commercial blockchain solution by the end of 2017. These banks’ investments have created new business models and introduced their companies to new markets. More importantly, these banks are investing in the areas where they specifically anticipate future disruption and will be the ones to benefit from the reduced costs and risks. A study by both The IBM Institute for Business Value and the Economist Intelligence Unit found that the industry is adapting to blockchain technology much faster than originally anticipated.

With 15% of banks already having commercial blockchain solutions, it is expected that by 2020, a total of 75% of banks will have blockchains in commercial production. The “Trailblazers” who have already invested in blockchain expect friction to be reduced in the following categories: Interaction (transaction costs, inaccessible marketplaces), Information (imperfect information, inaccessible information, information risks), and Innovation (restrictive regulations, and invisible threats). Among the trailblazers’ biggest benefits of using blockchain, they identified the following: reference data, retail payments, and consumer lending.


Despite blockchain being considered a “disruption” for the banking industry, it is far from being negative. Blockchains promote trust throughout organizations. The access to blockchain technology will allow not only the wealthy and much larger organizations to thrive, but also the small digital start-ups as well.

When regarding trust, blockchain can be used to help the overall reputation that banks have. By using this technology, banks can build trust between customers and themselves through digital transactions that will lead to loyalty and long-term growth. For the banks who have already taken advantage of blockchains, you can expect for them to be at a great advantage against the rest of their competition. However, other banks who have not invested in blockchain should not feel that they cannot catch up. Despite the barriers preventing banks from implementing blockchain, being intimidated should not stop any bank from investing.

Simply put, this technology allows strangers who may have little confidence in one another to collaborate without having to worry about trusting each other. Blockchain will add greatly valued trust between the two parties.

Banks Embracing The Future

eKomi has a long history of creating market-shaping alliances with banks throughout the world. By combining eKomi’s expertise with those who share the same vision and mindset towards the importance of innovation, we have created vast success for our partners within the banking industry.

Within Germany specifically, eKomi has helped several banks become the frontrunners who are paving the way within the market. eKomi’s future-focused approach towards the banking industry has led to our partners finding success by turning the industry “disruption” into opportunity. Our mission is to combine our innovative vision with our partners’ strategies so that they are prepared for the economic, political, regulatory and market shifts that are coming to shake-up the banking industry. We put our partners in the position to capitalize on technological innovations and changing consumer preferences to safeguard their future success.

Blockchain will be the banking industry’s most game-changing technology innovation since the internet. As companies such as Bank of America Merrill Lynch, Citigroup Inc., Credit Suisse AG, J.P. Morgan Chase & Co., and our investor and partner, Goldman Sachs, continue to invest and test blockchains, you can expect the distributed ledger technology to have a short and long-term impact on the banking industry.

eKomi provides certified reviews for many banks within the industry, and by working together we have created a sense of trust and transparency surrounding their services and products. Our technology and solutions help distinguish these banks’ reputations, as well as providing in-depth insights into overall performance and future strategies. Blockchain technology combines the openness of the internet with the security of cryptography to give everyone a faster, safer way to verify key information and establish trust. eKomi helps promote the banks in question by generating trust in potential customers through the power of social proof. By combining this new technology of trust,  along with social proof, businesses will be able to ride out this market disruption while receiving a profitable outcome.

To learn more about Blockchain, eKomi highly recommends checking out this presentation created by our partner and investor, Goldman Sachs.

To see a demo of how the Blockchain operates, eKomi highly recommends checking out the link here.

Introducing, eKomi’s Starinsights, a blog series dedicated to data journalism and the importance of reviews and ratings.

eKomi’s industry correspondents provide a clear and focused overview of the companies with the highest quantity and quality of user-validated ratings and reviews within a given industry.

This edition of StarInsights will highlight the German Banking Industry.

Selection of the highest rated Banks in Germany

Selection of the highest rated banks in Germany (Seller Ratings)

Total reviews from a selection of banks in Germany, collected by eKomi Vs. Google Surveys Vs. Trust Pilot


Credit Plus is the German Banking Industry leader for this edition of eKomi’s StarInsights. With 3,407 reviews collected and a rating of 4.9 out of 5 stars, Credit Plus is above and beyond the rest of its competition and a great example of the success that can be achieved through eKomi.

Following Credit Plus is Targo Bank with 3,070 reviews collected. The company also earned an impressive average rating of 4.7 out of 5 stars. Following next is Aux Money with 1,822 reviews and a star rating of 4.8 and then Schwäbisch Hall with 1,646 reviews. Credit Plus, Targo Bank, Aux Money, Schwäbisch Hall, DKB, BB Bank, SWK Bank, and Net Bank are all partners of eKomi.

Finishing in 5th is Trustpilot partner, WeltSparen, with 1,330 reviews collected and a rating of 4.7. Following WeltSparen (in order), is DKB, BB Bank, SWK Bank, Comdirect, Net Bank, and ING DiBa. ING DiBa received the least amount of reviews (314) and Comdirect received the lowest star rating (4.5).

Figure 3 indicates that eKomi collected and published the majority of all reviews for the German Banking Industry. This past year, eKomi has gathered 13,213 reviews for the selected insurers, while Trustpilot gathered 1,330 and Google Surveys collected 2,230.

We hope this report will continue to foster the importance of reviews and ratings within the Banking Industry and help promote the use of innovation to contribute to the economic and social development throughout the world.

For more information about eKomi Solutions, schedule a meeting with us here.


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