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Advisory giant Deloitte says that crypto is driving a massive remodeling of the financial services industry.
Based on results from a new survey that polled big players in the financial services industry, the firm says that “banks should embrace their inevitable digital future.”
“Today, digital assets are disrupting the entire financial market. Indeed the rise in digital assets is affecting every organization and industry that is a customer of FSI – this is, pretty much everyone.
Blockchain is driving change in the holistic financial ecosystem from deposit taking to payments, lending, investing, and trading anything of value.”
Deloitte, one of the “Big 4” advisory firms, finds that 76% of respondents believe that digital assets would “help significantly or moderately reduce risks for organizations or projects.”
“With digital asset disruption rapidly fragmenting the marketplace, global financial services are striving to reinvent themselves, creating businesses to replace disappearing sources of revenue. The industry has been slow to face the issue because regulatory requirements for the many dimensions of digital assets are not yet mandating a response.
It is thus unsurprising that banking executives have expressed concerns about digital assets in general and spoken up about why regulatory protections are still necessary. Even so, banks are evolving to stay current with the times, spurred by the democratization of requirements for the simplification of things such as smart contracts, which streamline the execution to create operational efficiencies.”
According to Deloitte, the general sense of optimism among players in the financial services industry is accompanied by some caution.
Results from their survey found that 70% of respondents believed “data security regulation” was in the greatest need of regulation, and 71% identified cyber security as the main obstacle to acceptance of digital assets.