Modern technologies are transforming the banking industry at an incredible pace. To understand what lies ahead, we spoke with Anton Titov, CEO of Archway.finance. Anton shared his vision of the role of technology in banking, why traditional banks sometimes lag behind, and how quantum computers might change everything.
When we asked Anton why traditional banking companies are struggling to keep up with trends, he noted that the problem is deeper than just the speed of adopting new technologies. "There are currently several blockchains capable of surpassing Visa and MasterCard in terms of the number of transactions," says Anton.
Anton also mentioned that processors and computing power are growing so fast that technology is no longer the limiting factor. However, the problem lies in the human factor and bureaucracy: "The delay is due to the human factor, the bureaucratic factor, the risk factor that people bear".
One of the most exciting parts of the interview was about quantum computers. Anton believes that their emergence will radically change the financial industry: "Meanwhile, quantum computers are on the horizon, and in general, processors are growing so fast that the limit at the moment is not in technology."
The speed of data processing and the ability to perform complex calculations with quantum computers will provide new opportunities for banks and financial institutions, making processes more efficient and secure.
Anton emphasized that the main reason for delays in adopting new technologies in traditional banks is the human factor. Bureaucracy and associated risks slow down processes, despite available technological solutions. He noted that it is important to stay within the legal framework and use modern technologies to increase the speed and transparency of transactions.
Interestingly, Anton sees huge potential for the banking industry in developing regions such as Africa and rural areas of China and India. Smartphones are becoming the key to financial accessibility, allowing people without traditional bank accounts to participate in the global financial system: "Today, it is enough to have a smartphone to be a part of the financial system. This provides, and there will certainly be, a boom in economies and everything else".
Anton Titov presented an exciting vision for the future of the banking industry. On one hand, traditional banks face challenges related to bureaucracy and the human factor. On the other hand, new technologies, including quantum computers and blockchain, open up incredible opportunities to accelerate and improve financial processes. The developing regions of the world, with their growing access to smartphones, stand on the verge of a financial revolution.
The future of the banking industry seems bright, and those who can adapt to new technologies and overcome bureaucratic obstacles will be in a winning position.
