A recent survey by crypto investment platform Bitpanda suggests that European banks and financial institutions may be underestimating the growing demand for cryptocurrency services. Despite a surge in crypto adoption, fewer than one in five financial institutions currently offer digital asset products.
The study, which surveyed 10,000 retail and business investors across 13 European countries, revealed that over 40% of business investors already hold cryptocurrencies, while an additional 18% plan to invest soon.
However, only 19% of financial institutions believe their clients have strong demand for crypto products, creating a significant 30% gap between investor adoption and the banks’ perception of interest.
While most institutions recognize crypto’s increasing relevance—more than 80% acknowledge its growing importance—just 19% currently provide related services. That said, some banks are beginning to take action, with 18% planning to expand their crypto offerings, particularly in areas such as crypto transfers.
“European financial institutions understand that crypto is not going anywhere, yet many still fail to provide services that align with investor interest,” said Lukas Enzersdorfer-Konrad, Bitpanda’s deputy CEO.
He noted that internal challenges, rather than external factors like regulation, are the primary roadblocks to crypto adoption. A lack of resources and knowledge within financial institutions is holding back progress.
“This can be fixed,” Enzersdorfer-Konrad added. “The challenge for banks is clear: analyze where your customers are moving their money. The demand for crypto is real.”
With European investors showing a preference for traditional financial institutions, more banks offering crypto services could significantly boost adoption. According to the survey, 27% of respondents would rather invest in crypto through their bank than an exchange, while only 14% favor dedicated crypto platforms. However, among business investors, exchanges remain the top choice at 36%, with banks ranking third at 27%.
Banks Risk Losing Revenue by Ignoring Crypto
Financial institutions that fail to integrate crypto services may see significant revenue losses, both from retail and business clients, warns Enzersdorfer-Konrad.
“Banks delaying their crypto integration risk losing customers to competitors or crypto-native firms,” he said. “With the EU’s Markets in Crypto-Assets Regulation (MiCA) providing regulatory clarity, the moment to act is now.”
Furthermore, 28% of financial institutions surveyed believe crypto will become even more relevant in the next three years, highlighting the urgency for banks to adapt before they fall behind.
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