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Financial Institutions Gear Up for Blockchain Spending Surge in 2021

Survey Highlights

A recent survey conducted by a leading consulting firm reveals a significant trend among financial institutions regarding blockchain technology spending in the upcoming year. Grab your wallets, folks! We’re about to dive into some exciting digits.

The Numbers Don’t Lie

According to preliminary results shared with industry insiders, 27% of participating institutions anticipate a slight uptick in their blockchain budgets. Now, if you add in the 14% expecting a large increase, you might just want to hold on to your hats — the future looks promising!

Participant Overview

The survey, conducted between July and August 2020, touched base with 800 top executives from a range of financial institutions. Think banks, insurance companies, and investment firms — all with revenues of at least $1 billion in 2019. Quite the hefty lineup!

Technology Pricing Wars

While blockchain is climbing the ranks, let’s take a gander at the competition:

  • Cloud Computing: Slightly leading the pack with a 15% expectation for increased expenditure.
  • Robotic Process Automation (RPA): Not so hot on the list, with 35% of institutions planning to cut spending.
  • Artificial Intelligence: Riding the line with 26% looking to reduce their investments.

Hey, It’s Not All About Blockchain

It seems financial entities aren’t just focusing on blockchain alone. There’s a growing interest in data privacy and cybersecurity as well. Could blockchain be the knight-in-shining-armor these sectors need? Only time will tell!

Future Predictions

Richard Walker, head of Deloitte’s blockchain squad, assures us that 2021 will be a “break-out year” for blockchain and digital ledger technologies. So buckle up, everyone — if you think you’ve seen it all, you ain’t seen nothing yet!

Conclusion

All these factors combined make it an exciting time for the financial sector. As blockchain continues to evolve, the expectations and investments will too. Here’s to hoping the trends hold true, and we aren’t just riding a wave that breaks before it can crest!

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