Banks offering cryptocurrency services are expected to double in size by 2022
Due to the growing global use of cryptocurrencies, the number of banks providing crypto-related services continues to grow.
Indeed, according to a report released on January 29, 2022, by American Banker, the number of banks offering crypto goods and services is expected to more than quadruple by the end of 2022.
According to the survey’s results, 44% of banks executives anticipate delivering some kind of cryptocurrency help to consumers by the end of this year. Additionally, a third of financial managers foresee actively managing their customers’ cryptocurrency holdings, up from 13% now.
“Currently, two out of every ten financial advisers advise clients on cryptocurrency holdings, but that number is anticipated to treble by the end of 2022,” the report said.
Apart from that, the survey states that 60% of wealth management advisors expect their clients would increase their crypto holdings or begin investing in such digital assets by 2022.
Banking executives anticipate that this year’s focus will be on how clients move their money and the multiple payment options accessible to them, as banks battle aggressively to keep customers and grow their “wallet share” via a range of offers.
Automatic bill payments, direct deposits, low-cost cash transfers, and bank-branded debit and credit cards are just a few of these services. Apart from automating and lowering the cost of these services, blockchain-based money transactions settle in seconds rather than days, so it will be fascinating to observe how banks use them this year.