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Number of Banks that Offer Crypto Services will Double in 2022, New Research -Breaking

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New Research shows that there will be a double-digit increase in the number of crypto service providers at banks by 2022.

American Banker published its latest batch of 2022 predictions. Its survey of 175 banking executives representing regional and global financial institutions produced some interesting results. Before we look at the research details, It’s worth noting that American Banker magazine is highly regarded as a credible source of content relating to banking regulation, technology, and innovation.

These are some of the most important findings:

  • 44% expect that by 2018, clients will have some sort of crypto-support from their bank executives.
  • It is nearly twice the amount of people offering these services 2021.
  • 60% of wealth managers surveyed expect their clients to increase cryptocurrency holdings in the future or invest in these digital assets by 2022.
  • A third of wealth managers expect to actively manage their client’s crypto portfolio, up from 13% who currently provide that service.

The research revealed that bank executives think that consumers will focus on how they transfer money to them and what payment options are available. It’s no secret to anyone that banks aggressively compete to keep their customers and gain more of their “wallet share” by providing different types of services.

You can use these services to pay your bills, make direct deposits and get bank-branded debit cards or credit cards. Blockchain-based funds transfer can be used to automate all these services, which is cheaper than banking right now. Also, settlements are made in minutes, not days.

Additionally, there are several credit cards that provide crypto rewards as a percentage of the card balance in the user’s preferred cryptocurrency. Banks that adopt just a few of those offerings will clearly differentiate themselves from competitors – and the survey results show that banks are scrounging for competitive advantages.

While no one can predict the future of any financial activities, the fact that global banks and lending institutions are seriously considering expanding their cryptocurrency and blockchain options this year can’t be ignored. The bright future of cryptos would be created by the adoption of digital currencies from large financial interests.

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