In light of the increasing use of cryptocurrencies throughout the globe, the number of banks offering crypto-related services is continuing to expand.
Indeed, the number of banks that provide crypto products and services is predicted to more than double by the end of 2022, according to a study published on January 29, 2022, by American Banker featuring predictions from 153 senior banking executives from regional and global financial institutions.
The survey’s findings indicate that 44% of banking executives anticipate offering some type of crypto assistance to customers by the end of this year. Whatsmore, a third of financial managers anticipate actively managing their clients’ cryptocurrency portfolios, compared to just 13% who already do so.
“Two out of 10 financial advisors currently advise clients on crypto holdings but that percent is expected to double by the end of 2022,” the study revealed.
Clients expected to grow their crypto holdings
Aside from that, 60% of wealth management advisers believe that their customers would grow their crypto holdings or begin investing in such digital assets by 2022, according to the report.
According to the findings, banking executives predict that this year’s emphasis would be drawn to how customers move their money and the numerous payment choices available to them as banks will look to compete vigorously to retain consumers and expand their “wallet share” via a variety of offerings.
Among these services are automatic bill payments, direct deposits, low-cost cash transfers, and bank-branded debit and credit cards. Aside from automating and reducing the cost of these services, blockchain-based money transactions settle in seconds rather than days, making it interesting to see how banks incorporate them this year.
