The Future of Assurance
By Jason Meyers on March 12, 2018
23 years ago, the financial services industry beamed itself into the hearts, minds and souls of a new breed of investor. Remember Stewart in the Ameritrade commercial? Although the original FinTechs suffered from the dot com bust like everyone else, they not only survived but they became the new financial establishment. Do you know how? Repetition, consolodation and execution. Plain and simple.
You would think that the assurance industry; the people who are supposed to keep us safer in the financial markets, would have also executed some form of repetition but the only ones who seem to be repetitious these days is those who know BDO. The difference between the first FinTechs and the assurance industry is there is little room left for consolodation in assurance.
A few of us believe there is a unique opporunity for the assurance industry to connect with a whole new breed of investor; the 5 plus million and growing crypto investors. Unlike banks, who are terrified by the current wave of disintermediation, the assurance industry has a huge chance to connect with these people.
The average crypto investor doesn't trust anything not on a blockchain. What is a blockchain but an accounting ledger. While the original FinTechs were establishing deep relationships with the then modern investor, the assurance industry remained buried deep in the bowls of the annual report.
For years, the UX/UI of the modern bank has been a public utility with little to no margins, forcing banks to sell more and more dangerous synthetic products to sustain growth. As the result of a lack of risk management in 2008, and possibly diligent assurance, it ended badly. It left a dark distrust and consequently led to the creation of Bitcoin. Ever read the inscription in the coinbase of the Genesis Block of the Bitcoin Blockchain? Assurance, not lack of risk, is what investors really want.
Enter Auditchain, the world's first decentralized continuous audit and reporting protocol ecosystem. Its the future of assurance and the golden chance for the assurance industry to finally connect with those 5 plus million and rapidly growing number of investors, not to mention the existing owners of over $100 Trillion in assets globally who are starving for real-time assurance; one block at a time.
If you are a forward thinking #CPA or #CA and wish to take part in the #continuous #audit and reporting revolution please read our whitepaper and join the DCARPE Alliance. Visit www.dcarpe.org and www.auditchain.com for details and join us on an incredible journey into the future of assurance.