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Many financial institutions are poised to increase their blockchain spending in 2021, according to an upcoming Deloitte survey titled “Financial Services Industry Outlooks 2020”.
Preliminary results shared with Cointelegraph indicate that 27% of institutions surveyed expect a “slight increase in spending” for blockchain and distributed ledger technology, while 14% expect a large increase. A further 33% do not expect any changes, with the remaining 27% looking to slightly reduce their spending.
The survey took place between July and August 2020. Respondents included 800 senior executives from financial institutions: banks, payment companies, insurance companies, hedge funds and other investment firms. The companies had to have had at least $ 1 billion in revenue in 2019 to be included in the survey.
The survey grouped blockchain with a variety of other emerging technologies. While it wasn’t the most popular overall, the technology appears to be quite polarizing – the percentage of institutions expecting a large increase in spending is the second highest in the sample, with only cloud computing slightly ahead at 15%.
On the contrary, only the automation of robotic processes has left more institutions indifferent, as 35% of them plan to reduce their expenses. Artificial intelligence is a close third, with 26% of respondents planning to cut investment.
Financial institutions may also seek to increase investment in data privacy is cybersecurity: fields that could potentially employ a number of blockchain-based solutions.
Commenting on the report, Richard Walker, head of Deloitte’s blockchain financial services team, said 2021 will be “a breakthrough year for blockchain and digital ledger technologies.”
After years of promises and expectations, “people will be surprised by the speed and impact they perceive in this space next year,” he added.
The report follows an equally positive survey conducted by Deloitte in February, which found that 39% of companies around the world already had blockchain technology built into production.
