FI Executives Think Businesses Are After Cryptocurrencies And Blockchain

Among the most cited factors that are informing FIs’ blockchain and crypto strategies are the strength and weakness of current internal infrastructure (26%), the need to retain and attract customers (24%) and the potential for better data security (23%).  Get the report: Cryptocurrency, Blockchain and Global Business 

The barriers blocking the adoption of blockchain and crypto also speak to a lack of clarity among FIs; just over 30% of FIs say the profitability of such products is unclear.

No single factor emerges as the most important for FIs, although the potential for greater operational efficiencies comes closest — 11% of FIs cite it as the most important factor informing their blockchain and crypto strategies. 

The next most-reference barrier was data security concerns, which 29% cited. One-quarter of FIs cited seven other barriers, including a lack of understanding blockchain and cryptocurrency services (27%) and a lack of certainty about demand (27%).

Additionally, significant shares of FI decision-makers lack a firm understanding of cryptocurrency and blockchain technologies. Just 31% of FI executives believe leaders at their firms understand the technologies “very” or “extremely” well. The vast majority — 64% — believe decision-makers understand them only “moderately” well. 

These data points suggest that there is a need for sound education and guidance for FIs’ decision-makers in order to solve these issues. If FIs want to become a crucial on-ramp to blockchain and cryptocurrency services for corporate and governmental organizations, their first step is to ensure they have the right education and strategies.

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About:More than half of U.S. consumers think biometric authentication methods are faster, more convenient and more trustworthy than passwords or PINs — so why are less than 10% using them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception versus use gap and identify ways businesses can boost usage.

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