Blockchain is the Inevitable Future of Banking
Fiorenzo Manganiello is a Professor of blockchain technologies at the Geneva Business School and Associate Director of Banque Profil de Gestion, a Swiss private bank. In June, Acquisition International Magazine named Manganiello as Switzerland’s Blockchain Expert of the Year in our ongoing 2018 Leading Adviser Awards. Following the win, we spoke to Manganiello to find out more about blockchain technologies and their influence on the future of banking.
Fiorenzo Manganiello has made his name as an expert in blockchain – the relatively new technology has, in just a few short years, revolutionised the financial landscape, and is changing a plethora of other sectors besides, including political procedures, the music industry, and education. Most notably
In many ways, the digital age has bought about a renaissance in business, as companies from all over the world, and in a variety of sectors, race to keep apace of this technological arms race. From the implementation of AI and
With blockchain technology comes cryptocurrencies – the
Primarily, Manganiello states that blockchain is, simply, faster than current technology; “the technology offers faster transactions, reducing the one to three-day delay to verify fund transfers to hours or even minutes. It also solves the issue of data duplication and reduces the need for reconciliation”.
Manganiello continues, “It’s not just a long process for the consumer. Sending money around the globe is an even more complicated process for the banks themselves. Today, a simple bank transfer — from one account to another — has to bypass a complicated system of intermediaries, from correspondent banks to custodial services.”
Of course, one undeniable quality of blockchain, even to those fervently against the technology, is that it is intrinsically secure, lacking centralised points of vulnerability. Utilising encryption technology, blockchain stores data across its network rather than being held in a central location. This should be, by all regards, a natural draw to banks who, in the wake of a spate of cybersecurity attacks and data breaches, are on constant alert for a seemingly inevitable assault on their digital defences.
More than this, Manganiello sees an alternative revenue stream in those banks who do adopt blockchain technologies early, “With the rise of
Ultimately, Manganiello argues, a banking sector that embraces technology will be more appealing to
Contact: Fiorenzo Manganiello
Company: Banque Profil de Gestion
Address: Cours de Rive 11, Geneva, 1204, Switzerland
Phone: 0041 22 818 31 31