Relatively few executives at banks and other financial institutions said customers were requesting cryptocurrency options in a recent survey by the digital banking platform provider Alkami. The company polled 152 executives and found that 21% of respondents said their account holders were requesting bitcoin products and services, while nearly 30% said they “weren’t sure.” Despite the relatively low volume of requests from consumers, 35% of bank respondents said that adding bitcoin products and services to their digital menu would offer a competitive advantage.
The survey also found that customers’ use of cashless options has increased over the past two years. Nearly 80% of respondents said that cashless transactions had increased, with two out of five reporting an increase of 20-40% and one out of five reporting an increase of more than 50%.
In addition, the company found that most banks were using some form of data analysis to optimize performance or reach new markets. Respondents said they were using data to deliver a better member and customer experience (86%), guide decision-making (72%) and reduce development time and costs (23%).