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Deloitte 2021 Global Blockchain Survey: Global Financial Services Industry Undergoing Seismic Shift; Banks Must Embrace Inevitable Digital Future

Disruption prompting the industry to replace traditional practices and generate new sources of revenue, growth As COVID-19 and the proliferation…

| September 02, 2021

Disruption prompting the industry to replace traditional practices and generate new sources of revenue, growth

As COVID-19 and the proliferation of digital everything profoundly changed how the world operates, Deloitte's fourth annual "Global Blockchain Survey" finds that the financial services industry (FSI) must accelerate toward product modernization and distribution to achieve economic growth. In fact, 73% of respondents fear their organizations will lose competitive advantage if they fail to adopt blockchain and digital assets, and 76% believe that the end of physical money is near, with digital assets replacing fiat currencies in the next five to 10 years. Despite these challenges, there is shared optimism about future revenue opportunities from blockchain, digital assets and cryptocurrency solutions. FSI pioneer respondents offer the greatest confidence, with 93% strongly or somewhat agreeing and 80% each for FSI overall and all survey respondents.

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