On Monday, American Banker – a popular publication for top banking leaders — issued its 2022 banking predictions based on survey results of 175 top executives including C-suite, regional, and divisional execs spanning global and community financial companies. Although only 2 of 10 financial advisers advise their clients regarding crypto, the report predicts that cryptocurrency will be a more prominent part in traditional banking over the next year. The report’s 22 pages also include crypto highlights such as:

• Nearly 40% responded that they would be willing/somewhat inclined to provide crypto services for retail clients in the next year.
• Around 10% of clients currently have digital currency accounts that they manage.
• Respondents estimated that 4% of their clients own crypto on average.
• Sixty-five percent of participants in the survey stated that they anticipate crypto ownership to grow for their consumers clients by 2022.
• Respondents to the survey indicated that only 2% said they offer cryptocurrency transactions at their institution, while more companies are working on it.

A survey that surveyed 66% of US executives found more support for stablecoins in the U.S. regulatory and legislative bodies is underway.

“We expect the agencies to provide further clarity on managing risks associated with digital assets, including crypto-assets, in 2022 – noting that in-flight legislative efforts may significantly alter the regulatory landscape,”
Researchers were quoted in the report.

American Banker gathered data from 175 bank and fintech executives who took part in an online survey. Only half the respondents were C-suite or senior executives from business units. The 42% who are not in the C-suite or senior business unit executives, directors and senior officers, and managers and leaders of divisions and departments make up approximately 40%. Around 1/5, or 21% of the population works at a national or global bank. A similar percentage works at community banks. 19% work for regional banks, which is almost as many people. Around 16% of people work in credit unions, and almost 14% work in a fintech company.

Flipside

• The key crypto finding was that nearly 40% of the survey participants reported that they’ll be likely/somewhat likely to offer cryptocurrency services next year to consumer customers – not just institutional clients.
• This is an important development, as banks are primarily focused on large accounts and not retail investors.

Why you should care

Banks are not going away anytime soon, it’s good to see them trying to adapt to the crypto-blockchain future for average investors.

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