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

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.