Forget the bank account: EY warns firms they must own the wallet to keep their customers

Group 1 - The core viewpoint is that wallets are becoming the critical interface for the next era of financial services, evolving beyond mere tools for holding cryptocurrency [1][2] - EY positions wallets as the new bank accounts of the future, essential for retail investors, asset managers, treasurers, and commercial banks, with services tailored for both individuals and institutions [3][4] - The control of wallets is seen as pivotal for client relationships, indicating a significant shift for financial institutions that are losing ground to crypto-native platforms [5] Group 2 - EY emphasizes that the shift to tokenization is not solely about liquidity but also about the utility that onchain finance enables, fundamentally reshaping capital management [6] - The emergence of blockchain as a real-time infrastructure allows for programmable transaction chains, enhancing margin optimization and operational efficiency [6][7] - Wallets are identified as the gateway for better risk alignment and real-time capital management, enabling firms to meet margin calls more effectively [7]