The Web3 opportunity is real, but it’s tempered by misconceptions and little-understood risks. Financial services providers must first understand what Web3 really means to avoid disintermediation by fintechs and first-mover incumbents.
Web3 promises a blockchain-based iteration of the internet that is decentralized and gives users control over personal data. Financial services incumbents risk getting left behind as fintechs flood the space—but they first must understand what Web3 really means and where it’s currently falling short.
In this report, we weigh financial service providers’ real Web3 opportunities (like institutional DeFi applications and serving as trusted fintech partners) against its significant barriers (like inherent cryptocurrency ties).
3 KEY QUESTIONS THIS REPORT WILL ANSWER
What is Web3?
What is the size of the Web3 opportunity for financial services providers, and how should they approach it in 2023?
What are the most important use cases explored by front-runners today in payments, lending, and insurance?
KEY STAT: VCs fled crypto and piled into Web3 last year. Cumulative investing over Q1–Q3 2022 reached $13 billion, more than double the same period in 2021. But Web3 access requires crypto wallet usage, blurring the line between each space.
Here’s what’s in the full report
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Table of Contents
Executive Summary
What is Web3?
Hundreds of companies are building Web3—but not all are decentralized.
Sizing Web3 shows a nascent but promising opportunity.
What’s keeping Web3 from mainstream financial services adoption?
How will Web3 impact different areas of financial services?
Insider Intelligence Interviews
Sources
Media Gallery
Interviewed for This Report
Huy Nguyen Trieu
Centre for Finance, Technology, and Entrepreneurship (CFTE)
Co-Founder
Interviewed January 27, 2023
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