A new Accenture-commissioned survey has revealed that a large portion of the participants has admitted wanting Bitcoin services to be included in their day-to-day banking convenience.
The report, however, also found how banks are running risks of losing out by not meeting up to the growing demands of the SMEs that amazingly make up 99.9% of all the UK business sector. The traditional finance players, therefore, would likely be losing relevance, as well as revenues, if they fail to engage the said clientele in meeting their futuristic demands.
While the Bitcoin adoption in the UK continues to be low, it is expected to hit a decent number with the proposed flexibilities in the FinTech sector. The UK government has already initiated a research on blockchain, Bitcoin’s underlying public leader technology, to innovate the country’s conventional financial sector. The UK’s Financial Conduct Authority has already laid out plans to introduce fair and supportive regulatory framework for Bitcoin & blockchain companies alike.
At the same time, independent digital banking platform Starling has earlier announced plans to penetrate the UK markets by utilizing the powers of Bitcoin and blockchain, an evidence that proves how the conventional banks are facing a great competition from the market’s new entrants.
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