Own the Wallet or Lose Customers, EY Warns Firms
Forget the bank account: EY warns firms they must own the wallet to keep their customers
EY has warned that companies serving digital-asset users may need to control the customer’s wallet experience if they want to retain their relationship with end users, rather than relying on traditional account-based models.
The message reflects a shift in how identity, payments, and customer engagement can work in crypto. In many blockchain-based systems, the wallet—not a bank account or platform login—acts as the user’s primary interface for holding assets, authorizing transactions, and interacting with applications.
EY’s warning underscores a practical challenge for firms that have historically “owned” the customer relationship through accounts and custodial services. As users increasingly interact through self-custodied wallets and on-chain credentials, the center of gravity can move away from the institution and toward whichever wallet or wallet provider the user chooses.
In this context, “owning the wallet” generally means delivering the wallet layer—or tightly integrating with it—so the company remains the main touchpoint for onboarding, security, and ongoing product use. Without that, customer engagement may become more portable, with users able to switch services while keeping the same on-chain identity and assets.
The broader implication is that crypto infrastructure is pushing firms to rethink distribution and retention. Instead of competing primarily on account features and platform lock-in, companies may need to compete on wallet user experience, security design, and seamless access to digital-asset services across networks and applications.
