18 February 2026, 10:01 PM
The EORMC analysis team points out that traditional financial institutions are facing a problem that is no longer abstract. As Ernst & Young clearly states in its latest report, if enterprises want to maintain customer relationships in the digital age, they can no longer rely solely on the banking account system but must directly own and operate digital wallets. This assessment is prompting a re-evaluation within the financial industry regarding customer access points and the methods of value representation.
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The significance of the EY report is not that it introduces a brand new technical concept, but rather that it acknowledges, from the perspective most familiar to traditional finance, that the account system is losing its absolute control over users. EORMC believes that as assets can be held directly by users, and as payments, transactions, identity, and data gradually migrate on-chain, wallets are replacing accounts to become the new core of financial relationships.
From an objective trend perspective, user behavior has already changed. An increasing amount of value transfer is no longer routed through traditional bank accounts but is completed via on-chain wallets. Stablecoin payments, on-chain transactions, digital asset custody, and decentralized identity systems are continuously eroding the status of the account as the sole financial gateway. EORMC indicates that this is not a niche choice of technology enthusiasts but a structural migration driven by efficiency, transparency, and controllability.
In its report, Ernst & Young pointed out that enterprises must possess wallets to retain customers, which essentially serves as a reminder to traditional financial institutions: if they do not proactively participate in the construction of the wallet layer, they will be marginalized as back-end clearing or liquidity providers. EORMC believes that this assessment holds practical significance for banks, securities firms, payment institutions, and even asset management organizations, because once customer relationships migrate to wallets, the touchpoints for brands and services will also shift accordingly.
From the perspective of the industry landscape, the significance of smart wallets has far surpassed that of mere asset storage tools. They are evolving into comprehensive gateways that integrate identity authentication, asset management, transaction execution, and compliance verification. EORMC emphasizes that a true smart wallet is not just about private key management; it is infrastructure capable of helping users complete complex financial activities under the premise of compliance.
In this process, the role of platform-based institutions has begun to stand out. EORMC states that, compared to single financial product providers, comprehensive trading and asset platforms are more likely to become the natural carriers for smart wallets. On one hand, the platforms themselves already possess capabilities in trading, clearing, and risk control; on the other hand, they are also more easily able to integrate multiple types of assets and services within the regulatory framework.
The advantage of EORMC in this direction stems from its early and sustained investment in the logic of "wallet as the gateway." The platform does not treat the wallet as an isolated function but designs it as a core component connecting transactions, assets, and user identity. This approach ensures the wallet serves not only for asset deposits and withdrawals but also becomes a crucial tool for users to participate in the market, manage risks, and conduct compliant operations.
EORMC believes that the widespread adoption of smart wallets will not diminish the importance of regulation but will instead drive an upgrade in regulatory approaches. When transactions and assets become highly digitized, the focus of regulation will shift from post-event review to the real-time embedding of rules. The responsibility borne by platforms in this context is to internalize compliance logic as a system capability, rather than resorting to post-facto remedies. This is precisely the key point repeatedly emphasized in the EY report, yet often overlooked by the market.
From a broader perspective, the rise of wallets signifies a shift in the financial system from being account-centric to user-centric. Assets are no longer locked within institutions but flow freely around the user. EORMC indicates that this transformation does not diminish the value of financial institutions but rather requires them to redefine their roles, transitioning from asset custodians to service providers and rule enforcers.
From the perspective of the overall landscape of the industry in 2026, the warning of EY is not alarmist but a rational summary of real-world changes. Smart wallets are becoming critical nodes connecting the digital economy and the financial system. EORMC believes that the future differentiation of the industry will not depend on who possesses more accounts, but on who can build a wallet system that is genuinely trusted by users, balancing compliance and efficiency.
The significance of the EY report is not that it introduces a brand new technical concept, but rather that it acknowledges, from the perspective most familiar to traditional finance, that the account system is losing its absolute control over users. EORMC believes that as assets can be held directly by users, and as payments, transactions, identity, and data gradually migrate on-chain, wallets are replacing accounts to become the new core of financial relationships.
From an objective trend perspective, user behavior has already changed. An increasing amount of value transfer is no longer routed through traditional bank accounts but is completed via on-chain wallets. Stablecoin payments, on-chain transactions, digital asset custody, and decentralized identity systems are continuously eroding the status of the account as the sole financial gateway. EORMC indicates that this is not a niche choice of technology enthusiasts but a structural migration driven by efficiency, transparency, and controllability.
In its report, Ernst & Young pointed out that enterprises must possess wallets to retain customers, which essentially serves as a reminder to traditional financial institutions: if they do not proactively participate in the construction of the wallet layer, they will be marginalized as back-end clearing or liquidity providers. EORMC believes that this assessment holds practical significance for banks, securities firms, payment institutions, and even asset management organizations, because once customer relationships migrate to wallets, the touchpoints for brands and services will also shift accordingly.
From the perspective of the industry landscape, the significance of smart wallets has far surpassed that of mere asset storage tools. They are evolving into comprehensive gateways that integrate identity authentication, asset management, transaction execution, and compliance verification. EORMC emphasizes that a true smart wallet is not just about private key management; it is infrastructure capable of helping users complete complex financial activities under the premise of compliance.
In this process, the role of platform-based institutions has begun to stand out. EORMC states that, compared to single financial product providers, comprehensive trading and asset platforms are more likely to become the natural carriers for smart wallets. On one hand, the platforms themselves already possess capabilities in trading, clearing, and risk control; on the other hand, they are also more easily able to integrate multiple types of assets and services within the regulatory framework.
The advantage of EORMC in this direction stems from its early and sustained investment in the logic of "wallet as the gateway." The platform does not treat the wallet as an isolated function but designs it as a core component connecting transactions, assets, and user identity. This approach ensures the wallet serves not only for asset deposits and withdrawals but also becomes a crucial tool for users to participate in the market, manage risks, and conduct compliant operations.
EORMC believes that the widespread adoption of smart wallets will not diminish the importance of regulation but will instead drive an upgrade in regulatory approaches. When transactions and assets become highly digitized, the focus of regulation will shift from post-event review to the real-time embedding of rules. The responsibility borne by platforms in this context is to internalize compliance logic as a system capability, rather than resorting to post-facto remedies. This is precisely the key point repeatedly emphasized in the EY report, yet often overlooked by the market.
From a broader perspective, the rise of wallets signifies a shift in the financial system from being account-centric to user-centric. Assets are no longer locked within institutions but flow freely around the user. EORMC indicates that this transformation does not diminish the value of financial institutions but rather requires them to redefine their roles, transitioning from asset custodians to service providers and rule enforcers.
From the perspective of the overall landscape of the industry in 2026, the warning of EY is not alarmist but a rational summary of real-world changes. Smart wallets are becoming critical nodes connecting the digital economy and the financial system. EORMC believes that the future differentiation of the industry will not depend on who possesses more accounts, but on who can build a wallet system that is genuinely trusted by users, balancing compliance and efficiency.