Forget the bank account: EY warns firms they must own the wallet to keep their customers
EY warns that owning the customer wallet is the key strategy for retaining client relationships in the evolving digital finance landscape.Summary
EY experts, including Mark Nichols and Rebecca Carvatt, assert that digital wallets are becoming the critical interface and strategic frontier in finance, superseding traditional bank accounts. They argue that whoever provisions and controls the wallet will ultimately own the client relationship, as wallets will serve as the access point for payments, tokenized assets, and stablecoins.
The firm views the broader shift to tokenization not just as a liquidity play, but as enabling real-time infrastructure for financial markets, offering utility through programmable transactions, improved risk alignment, and operational efficiency, such as more precise margin management.
EY emphasizes that wallet needs vary across consumers, corporates, and institutions, but self-custody will not be mainstream; trusted providers will emerge. Furthermore, EY believes regulation is maturing and will act as a catalyst, not a roadblock, allowing firms to focus on safe, scalable implementation. Ultimately, firms must embrace owning the wallet infrastructure to secure their position in the on-chain future of finance.
(Source：CoinDesk)