Bain Report: Banks' Revenue Share in Consumer Finance to Decline to 69% by 2030

ME News reports that on September 7 (UTC+8), management consulting firm Bain & Company released a new report stating that traditional bank accounts are increasingly being challenged by stablecoins and other digital wallets, with banks’ share of consumer funds revenue projected to decline from the current 80% to 69% by 2030 (a figure that reached as high as 95% in the early 21st century). Opinions among industry experts vary on whether stablecoin wallets can replace bank accounts. Adrian Cachinero, co-founder of Steakhouse Financial, believes bank accounts are facing an existential threat; Ryne Saxe, CEO of Eco, describes stablecoins as “superior money” and asserts that banks and fintech companies have no choice but to build products on top of them. Marcin Kazmierczak, co-founder of RedStone, notes that wallets are more likely to first capture market share in payments, citing data showing that the average cost of bank wire transfers is 14.99%, while stablecoin transactions can settle in seconds at less than 1% cost. Others believe the two will converge: Fireblocks executive Ran Goldi anticipates banks will issue tokenized deposits interoperable with stablecoins; BitGo executive Jody Mettler argues that banks still provide custodial and compliance functions that wallets cannot replace, adding, “Bank accounts won’t disappear—they’ll persist in code.” (Source: Foresight News)