Erica Khalili, Chief Legal Risk Officer and Co-founder of Lead Bank, has emphasized the transformative role of crypto-centric banks in reshaping traditional finance. She highlighted their potential to enhance global financial access by offering inclusive services.
"The use cases that resonate are not only on the investment side but also the really human use cases and how you can unblock access to financial services," said Khalili, Chief Legal and Risk Officer and Co-founder. "For people that have been traditionally kept out of those on a global basis. And thats where I think banks that can show up from like a product and compliance-first perspective, the demand is absolutely there. And I think that that's how crypto can be incredibly impactful."
A report by PricewaterhouseCoopers (PWC) states that affordability remains a significant barrier for many financially underserved individuals. The study examined 12 blockchain-based payment platforms across various regions and found that transaction fees for cross-border remittances ranged from 0-1%. This is considerably lower than the average fees of 2.7-3.5% charged by traditional financial institutions for similar transfers between the United States and the studied markets.
As banks increasingly incorporate cryptocurrency solutions into their offerings, the industry is moving towards more inclusive financial models aimed at previously underserved populations.
According to a World Bank report, approximately 1.4 billion adults globally still lack access to basic financial services. Finance Magnates indicate that stablecoins, with their low fees and near-instant settlements, provide a pathway to financial inclusion, especially for cross-border remittances. In areas where banking infrastructure is weak, stablecoins are facilitating microtransactions, making financial services accessible to small business owners and individuals in underserved regions.
The Apen Institute reports that traditional cross-border payments can incur average fees of 6.24% and take several days to complete.
This integration of cryptocurrency services is changing how banks operate by empowering individuals and businesses with decentralized, secure, and easily accessible financial tools. Leaders at the RippleSwell event said that these innovations are not only meeting the growing demand for digital financial products but also paving the way for a more equitable global financial system.