In 2021 Global Blockchain Survey, Deloitte uncovered several findings that illustrate a seismic shift in financial services resulting from the evolution of blockchain-based digital assets. Deloitte also identified a subset of FSI respondents termed Pioneers—individuals whose organizations have deployed blockchain solutions into production and/or integrated digital assets into their core business activities. What further distinguishes FSI Pioneers is their vision of blockchain and digital assets as a top-five strategic priority.
Digital assets are disrupting the entire financial market, and every organization and industry that is a customer of the financial services industry. Financial instruments, from money to stocks, and the infrastructure for any type of transaction, is changing—for the better.
Financial services organizations appear to be racing to write the future to define their role in it – but for now, this future remains uncertain. What is clear: Digital assets are a driving force behind the next phase of this evolution, which will be a radical and welcome upgrade from the fragmented, batch cycle, brittle nature of financial products and infrastructure that currently exist. FSI – all industries, really – could benefit from improvements underway across the financial ecosystem.
Key 2021 Global Blockchain Survey findings reinforce the case that digital assets are driving new fundamentals in FSI.
According to the report, the end of physical money represents an overdue – and now inevitable – upgrade. There is consensus among cohorts surveyed by Deloitte that digital assets will replace fiat currencies in the next five to 10 years. More than three-quarters of overall respondents and FSI respondents (76%) believe the changeover will occur. This number jumps to 94% for FSI Pioneers.
The business imperative of adopting blockchain and digital assets is growing noticeably, as organizations increasingly accept that their current business models are at stake. More than three quarters of FSI respondents strongly or somewhat agree that their organization will lose an opportunity for competitive advantage if they fail to adopt blockchain and digital assets.
Top 5 digital asset roles to organization – Deloitte Global Blockchain Survey – Europe / Middle East
With the growing interest of major institutions and individuals alike, funds continue to flow into the digital assets market. The fundamental impact on deposits creates an important opportunity for banks all industries that hold assets. Thus, it is hardly surprising that nearly half (47%) of FSI survey respondents said that custody represented a “very important” role for digital assets in their respective organizations, ranking as the top role. Among FSI Pioneers, that figure jumped to 63%. Safe custody, too, ranks as the top concern around holding or transacting in central bank digital currencies, at 57% of FSI respondents and a stunning 77% among FSI Pioneers.
Top 5 areas of regulation in greatest need of modification to facilitate adoption of blockchain and digital assets – Deloitte Global Blockchain Survey – Europe / Middle East
Deloitte’s 2021 Global Blockchain Survey polled a sample of 1,280 senior executives and practitioners in 10 locations: Brazil, China Mainland, Germany, Hong Kong SAR, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom, and the United States. This survey data reflects their opinions and perceptions around blockchain and digital assets.
For more insights, please download the report via the link https://www2.deloitte.com/us/en/insights/topics/understanding-blockchain-potential/global-blockchain-survey.html