Editor Notes: “Consulting firm Bain & Company believes banks are at risk of missing out on the adoption of digital currencies – and the revenue that might come with it.”
The Boston-based firm has published research that argues financial firms are effectively holding themselves back amid an environment of regulatory and technological uncertainty.
The consultancy’s report specifically targets international payments, stating most banks are “not prepared” to retain control of this service.
That said, Bain indicated that it believes at least some banks will successfully capitalize on the technology.
Bain & Co partner and report co-author David Gunn said:
“Despite hesitancy among many banks, we see evidence that companies are finding ways to overcome technical and adoption hurdles to avoid getting left behind.”