The Financial Services Industry (FSI) must accelerate toward product modernization and distribution to achieve economic growth. Most executives at large corporations foresee that digital assets will be an important part of the future monetary system, a research concluded.
The multinational professional research provider Deloitte, conducted a survey among more than 1,000 bank leaders and executives of financial institutions based in the USA, the UK, China, Hong Kong, Germany, Brazil, Japan, Singapore, South Africa, and the UAE. The goal: to determine if these top managers see the future intertwined with cryptocurrencies.
The majority of the respondents, with 80%, answered that digital assets would play an important role in the financial industry in the next two years. 73% of the executives believe that blockchain adoption is essential if organizations want to be competitive in the future industry.
76% went further, arguing that virtual assets would replace fiat currencies in the next 5 to 10 years. They even predicted that the end of physical money is near.
According to Deloitte’s previous research that they conducted, 83% of executives in large corporations from various developed nations such as the USA, the UK, Switzerland, and Israel see compelling use cases for blockchain technology. This represented a 9% increase from the year before.
Among all those managers, 53% believe that blockchain technology has already become a crucial priority for their respective companies. The people who showed concerns about the security in the crypto space were 35%, while 39% opined that digital assets have regulatory issues.
