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With over 14 million British adults owning a digital only bank account, the need for access to digital assets has never been greater.
Digital asset rates are higher than ever, and both banks and neobanks (online banks without a physical high street presence) face a clear choice—adapt to customer needs or struggle to keep up in a quickly digitalising world.
Younger Generation Driving Service Needs
Cryptocurrencies are rising rapidly. Rather than opportunistic investments online, digital assets are now certified methods of payment that complement and enhance traditional means—in fact, 40 percent of recently surveyed 18-35 year olds confirmed that they’d like to use crypto to pay for goods and services in 2022.
Although still to break through into the mainstream, government statistics collected during the 2021 census highlight a market potential of over 8 million customers within this age demographic in England and Wales alone. With global crypto owners forecast to reach 1 billion by the end of the year, the need for both banks and neobanks to sit up, take notice, and provide digital asset solutions is obvious.
Minting the Digital Asset Revolution
Visa has already announced partnerships with over 65 crypto wallet providers and their crypto-linked card service reached an accumulated spend of $2.5 billion in January 2022. This is not only a major milestone in terms of cryptocurrency expenditure, it is proof that industry leaders need to swim with the tide.
Consumers are continuing to adopt at pace, with digital assets providing a multitude of benefits when compared to static financial services. Faster transaction speeds, lower fees, and the prospect of significant yield are providing customers, particularly people under the age of 30, with the incentive to push through a fully digitalised financial ecosystem—incorporating blockchain, decentralized platforms, CBDCs, tokens, and infrastructure.
Managed Services to Enhance Customer Experience
To remain both relevant and profitable, businesses must adapt to changing customer demands. Blockchain technology increases inclusion and autonomy within the financial sector, empowering consumers with solutions that are sustainable both long and short term.
One of the most turnkey ways to participate in this opportunity is to integrate digital asset-based infrastructure into existing tech stacks, thus avoiding system-wide upgrades. Tailored to fit a company’s needs, these types of modular products are robust and reliable and will allow financial firms to quickly get a foothold in the fast growing digital asset space.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Nick Jones CEO at Zumo
04 October
Nkiru Uwaje Chief Operating Officer at MANSA
03 October
Dirk Emminger Managing Director at knowing finance
02 October
Sireesh Patnaik Chief Product and Technology Officer (CPTO) at Pennant Technologies
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