Credit Suisse Head: The banking culture hinders the adoption of a chain of blocks: an opportunity for Crypto?
Blockchain, the innovative distributed data storage method that supports almost all of the more than 2,000 existing cryptographic assets, has often been touted as a way to dramatically improve the efficiency of traditional banking. However, according to the Chief of Assets of the Digital Market at Credit Suisse, the use of technology has been slower than many might have expected due to the “culture” that surrounds banking.
Decades after the internet revolutionized the way we, as a species, share information, the current state of banking seems tragically stuck in 2019. With the real threat to traditional banking represented by the cryptographic assets that grow every year, Emmanuel Aidoo , of Credit Suisse, believes that 2019 will see an acceptance of financial institutions that use blockchain technology to improve their services.
Emmanuel Aidoo: banks do not rush exactly towards Blockchain
According to a report by Business Insider, Emmanuel Aidoo, head of assets of the digital market of Credit Suisse, has declared that it is the banking culture that until now has stopped the adoption of blockchain technology in the financial industry. He said the following:
“What is stopping the banking industry from rushing into it?” I think it’s mostly culture, I think the turning point is having a business culture, the will to push people to keep asking why.
Reading slightly between the lines, it seems that Aidoo refers to a widespread acceptance of the status quo within banking circles. For an industry that faces direct competition from services similar to those of mobile banks, such as Square and Venmo, as well as the increase in cryptographic assets such as Bitcoin and Ether, the failure to advance with the times in that way could be very dangerous .
Naturally, banks struggle to innovate anywhere at the same pace as the digital asset industry. Being completely centralized, the ways to increase banking efficiency must come from the top of management authority. The large number of developers working in Bitcoin, Ethereum and other decentralized payment platforms around the world make possible an innovation that can not be matched by these financial institutions. This concept is illustrated in some videos presented by the Bitcoin evangelist Andreas Antonopoulos:
Aidoo continued to highlight the current stalemate in the banking industry and how he risked financial innovation leaving him in less traditional ways, such as cryptography:
“This is really important for companies that have people who challenge themselves to ask questions about the status quo, these are people who focus on change, not on change for change, but on an honest reflection of what do we do things, can we make things better? “
The head of Credit Suisse continued to affirm that he believes that 2019 will be the year in which the blockchain technology finally reaches the banking industry in a big way. Initiatives such as JPM Coin, an authorized blockchain-based system that offers almost none of the true innovations of Bitcoin and other cryptographic assets, highlight that the industry is beginning to explore technology. However, very few examples of the real world are actually innovative, according to Aidoo.
Ultimately, the slow movement of the banking industry could be a great help for cryptography. If banks continue to lag behind in terms of the service they can offer compared to the main cryptocurrencies, the market will eventually make them obsolete by opting to favor these non-traditional value transfer services instead of the more traditional banking services.
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