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Is Banking Culture Slowing Down Blockchain Adoption?

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Unless you’ve been living under a rock, you’ll have some idea of what blockchain is, and the effect it’s having on industries on a worldwide basis.

We often hear the phrase ‘disruption’ when blockchain is mentioned, and that’s as good a way as any of describing what it does.

It ushers in change, for the better. It drags entire industries kicking and screaming into the modern era.

There’s one industry that’s stubbornly dragging its heels though.

Traditional banking.

Pushing people to ask why

“It’s ironic that the one industry that arguably stands to benefit above all others from this exciting new technology is the very one that seems most unsure about it,” commented CEO of ATRONOCOM, Thomas Koller.

The head of digital market assets with Credit Suisse, Emmanuel Aidoo, has previously stated that it is banking culture that has been the primary reason behind the slow adoption of blockchain technology by the financial industry;

“What is preventing the banking industry from rushing into it? I think it’s mostly culture… I think the tipping point is about having an entrepreneurial culture, a willingness to push people to keep asking why,” commented Aidoo during an interview with Business Insider.

Koller largely agrees with Aidoo’s comments.

“I can certainly see where he’s coming from in that respect. I’ve found the banking sector has always been more ready to accept the status quo than ask questions.”

While many mainstream financial institutions are still getting to grips with blockchain technology, Koller and ATRONOCOM are looking to beat new paths rather than waiting around for everyone else to catch up.

“We’ve long moved past the point where blockchain technology is seen as industry-altering when it comes to finance,” commented Koller.

“We’re pushing new boundaries, looking at ways we can implement cryptocurrency alongside traditional financial services. No one should have to change platforms when moving between their fiat accounts and their crypto accounts.”

Widespread acceptance is the end game

Koller raises an interesting point when he mentions the integration of traditional fiat-based finance and cryptocurrencies such as Ethereum and Bitcoin. Up until now, the divide between them has been seen in many ways as confrontational almost.

It doesn’t have to be that way. For cryptocurrency to gain widespread acceptance, it has to be seen as a serious financial instrument, and perhaps the best way to do that is to see it operate alongside traditional forms of currency rather than opposing it.

“Absolutely,” responds ATRONOCOM’s CEO when the question is put to him.

“At ATRONOCOM we’re looking to offer our clients traditional services such as money transfer via SWIFT and SEPA, access to multi-currency cards, and an IBAN bank account alongside the ability to buy, sell, and even mine crypto.”

Aidoo believes that the banking industry risks being left behind if it doesn’t alter its approach to new ideas;

“That is really important for companies to have people who challenge themselves to ask questions about the status quo… These are people who focus on change, not change for change’s sake, but an honest reflection for why we do things — can we do things better.”

Doing things better. This is the key takeaway from all of this. Blockchain technology isn’t perfect by any stretch of the imagination, but it’s changing landscapes wherever it goes, and finance is no exception.

There are ways that the new technology can help institutions do things better, and that should be enough to give even the most stubborn traditionalist pause for thought.

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