#BRA2021 | Constantin Rotariu, CSO Bitcoin Romania: Banks could learn from the crypto industry

Constantin Rotariu, Co-Founder & Chief Strategy Officer at Bitcoin Romania, the Platinum Partners of the 16th edition of the Business Review Awards Gala and Award Partners of the Innovator of the Year category, talked to BR about what banks and other financial institutions can learn from tech innovations in the cryptocurrency sector.

I think there are a lot of things to learn for banks and financial institutions. What I gather from our community, the crypto community, is that banks and financial institutions should change their behavior, they should be more customer-oriented.

For example, for opening a bank account, the nine-to-five, Monday to Friday program is no longer like acceptable for most people, especially with the technology we have today. It should be much easier to open an account remotely.

In terms of transfers, for example, if we transfer money between different banks or from one country to another country, it may take between two and three working days, so this also in today’s world is not acceptable.

Also, the fees in general: There is a minimum fee that the banks still charge, and that’s not good, especially for micropayments. So, this is what the crypto industry brings to people, and I think the banks should also try to change that.