Deloitte Survey: 76% of Finance Execs Believe Physical Money is Nearing its End

A recent survey from Deloitte that collated data from 1,280 senior finance executives in 10 locations across the world produced interesting results regarding the blockchain industry. This is the fourth annual Global Blockchain Survey by Deloitte, which focuses on financial services (FSI). The survey’s findings show that the industry needs to focus on product modernization and distribution to achieve economic growth.

When polled, 76% of the 1,280 respondents said they believed that the end of physical money is near. And that digital assets were set to replace fiat currencies in the next five to 10 years. Although this will have an obvious impact on the financial service industry, the respondents remain optimistic about the potential revenue from both crypto and blockchain.

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“The Deloitte Global Blockchain Survey’ reveals that the foundations of banking have been fundamentally overthrown and that financial service industry players need to rethink themselves and find innovative ways of creating economic growth in future money.” – Linda Pawczuk Principal, Deloitte Consulting LLP and U.S. leader in digital assets and blockchain.

Blockchain Is Already Mainstream, Says Survey

The survey also showed that the majority – nearly 80% – of global FSI leaders believed that digital assets are going to be very/somewhat important to their various industries in the next two years. Both digital assets and blockchain technologies are seen as strategic priorities now and in future.

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73% of respondents admitted that a recurring fear was that their various organizations would lose competitive advantage if they failed to adopt digital assets and blockchain technology. Findings also showed that 81% of respondents agreed that blockchain technology is highly scalable, and according to them, has already achieved mainstream adoption.

The world is moving towards a digital world. In the near future, paper currencies will likely be extinct. Financial services industry must shift to new revenue-generating business models. To simplify payments, digital assets will be used. And 43% of respondents said that these new payment options represent a “very important” role for digital assets.

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Richard Walker is a principal at Deloitte Consulting LLP, and a leader in the U.S. financial service industry blockchain. “As digital asset destruction rapidly changes the market, global financial services are trying to reinvent themselves, creating new sources of revenue, and that there are opportunities for real change in many areas of the global finance markets for those players who explore new ways of harnessing the power of blockchain technology to reimagine the business models .

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