Ernst & Young: Banks Must 'Hold Wallet' or Risk Losing Customers, Smart Wallets Could Replace Bank Accounts

BlockBeats News, February 7th, Ernst & Young (EY), one of the Big Four accounting firms, warned in its latest report that with the rise of the "Smart Wallet," the traditional bank account's role as the customer's primary touchpoint is diminishing. The report noted that if financial institutions cannot "own the wallet," meaning control this key customer entry point that integrates identity verification, asset management, and payment functions, they risk losing customer relationships and may ultimately be reduced to mere backend infrastructure providers. (CoinDesk)