A report from global marketing agency LEWIS has argued the banking sector is more invested in blockchain technologies than previously considered – but mixed attitudes still remain in terms of large-scale adoption.
The agency’s ‘Banking on Blockchain’ report looks at the extent to which banks are corporately investing in blockchain, as well as how personally involved senior bankers are.
From a survey of more than 500 senior professionals in the industry, LEWIS found 70% of the financial institutions asked already have some form of blockchain technology implemented in their system. An even greater 83% believe the financial services industry will be the most impacted by blockchain in the future.
The report suggests that the benefits of blockchain could help close the growing trust gap with the public and renew confidence in financial institutions, with 85% of respondents identifying faster transaction times, greater security, and increased transparency as blockchains core benefits.
“Finance and banking are currently facing a series of challenges not only from the pandemic and the growing number of cyberattacks but also from uncertainty and a lack of understanding relating to cryptocurrencies,” said Matt Robbins, vice president of research and insights at LEWIS.
“Our research indicates blockchain has the potential to impact multiple industries but could transform financial services by helping to rebuild trust with consumers,” he added.
The data also shows that banking professionals are personally more invested in blockchain technology than previously known. While only 45% of bankers believe cryptocurrencies are always trustworthy, 61% are personally invested and 75% consider themselves likely to invest in the future.
“A year ago, major banks dismissed crypto. Today those same institutions have crypto as their top investment recommendation. Coinbase was founded in 2012 and is now worth more than Goldman Sachs, an investment bank that launched in 1869,” said former presidential adviser Dr. Pippa Malmgren.
“Bankers are also investing personally and professionally in blockchain. This technology underpins cryptocurrencies by allowing transactions to be easily verified and authenticated. Some see a dangerous bubble forming in crypto and blockchain. The upward price jumps in value are also evidence of tremendous innovation in money itself,” she concluded.