30% of community banks adding crypto services in next 18 months

Show Notes

A growing number of community banks are considering adding cryptocurrency services, and it could give them an edge in the battle for digital customers. 

Thirty percent of community banks expect to add crypto to their offerings over during the next 18 months, according to a report by financial consultancy Wipfli. Crypto gives community banks an edge in the battle for digital customers, but implementation hinges on regulatory guidance, Anna Kooi, national financial services leader at Wipfli, tells Bank Automation News in this episode of “The Buzz” podcast.  

“I think in 2022, it's not going to be a trickle effect,” Kooi says. “We're going to see a windfall, particularly if the Federal Reserve and the OCC [Office of the Comptroller of the Currency] come out with regulation to clarify where and how they are looking at crypto, or if the Federal Reserve is looking at offering CBDC [Central Bank Digital Currency].” 

“If that were to come out, you will see even more jumping into this space,” she adds. 

Listen as Kooi talks crypto at community banks, along with the outlook of financial institutions that fail to adapt to an increasingly digital banking environment.  

What is The Buzz on Bank Automation News?

The new podcast covering current trends and intriguing topics in automation and beyond courtesy of Bank Automation News, the definitive source for insights and news surrounding automation in financial services.

Formerly Bank Innovation, since 2009 Bank Automation News has been at the forefront of tracking the evolution of digital banking. With the future of innovation pointing to opportunities in automation, we have transitioned the focus of our coverage to continue to provide insights and information that guide industry professionals to better results.

Automation is the next frontier of financial services technology. It will improve or transform most banking processes from customer experience to compliance, lending solutions and investment. Automation technology will create the greatest transformation at financial institutions since the digitization of financial services in the wake of the Credit Crisis. Banks that are not already investing in automation technologies must begin shifting their focus to remain competitive. This transition requires investment in training and educational resources.

Bank Automation News is the first and only news and education source dedicated to fostering this emerging segment of financial services technology.