The multinational marketing agency recently produced unique research on the rise of blockchain technologies and cryptocurrencies. The survey revealed the extent to which bankers are personally and corporately invested in new technology.
The data appears to demonstrate that banks are more invested in blockchain technology than previously thought. Despite concerns about reliability, bankers are increasingly investing personally in cryptocurrencies. While only 45 percent of bankers believe cryptocurrencies are always trustworthy, 61 percent are now involved and 75 percent plan to invest in the future. Bitcoin, Litecoin, and Ethereum are the top three cryptos owned.
“Major banks discarded cryptocurrency a year ago. Those same institutions now endorse cryptocurrency as their top investment. Former Presidential Adviser Dr. Pippa Malmgren stated, “Coinbase was formed in 2012 and is currently valued more than Goldman Sachs, an investment firm founded in 1869.” “Bankers are also investing in blockchain on a personal and professional level. This technology underpins cryptocurrencies by making it simple to verify and authenticate transactions. Some believe that a dangerous bubble is brewing in cryptocurrency and blockchain. The price increases are also indicative of enormous innovation in money itself.”
According to the report, blockchain solutions are ready to revolutionise the sector, with 82 percent of banks investing in the technology and 88 percent believing it will benefit the financial services industry.
“Finance and banking are presently experiencing a variety of issues, including not only the pandemic and an increasing number of cyberattacks, but also uncertainty and a lack of awareness about cryptocurrencies,” said Matt Robbins, Vice President, Research and Insights at LEWIS. “Our research reveals that blockchain has the ability to impact numerous industries, but it has the capacity to alter financial services by assisting in the restoration of consumer trust.”
According to the report, the benefits of blockchain could help close the widening trust gap with the public and restore trust in financial institutions. Over 80% of respondents highlighted the following top three benefits of implementing blockchain: faster transaction times, enhanced security, and transparency