TD Bank: 90% of Finance Professionals Think Blockchain Will Have a Positive Impact

A TD Bank survey revealed that 90 percent of treasury and finance professionals think that blockchain and distributed ledger technology (DLT) will positively affect the payments industry, according to a press release published on Feb. 6.

The survey, conducted by top ten United States-based bank TD — a subsidiary of the Canadian multinational Toronto-Dominion Bank — involved 406 industry professionals at the 2018 AFP Conference held Nov. 5-6, 2018, in Chicago, Illinois.

The answers collected reportedly also reveal that only 14 percent of the respondents said that their organization has training strategies for blockchain.

Moreover, 45 percent of the respondents said their organization has training strategies for data and analytics and 26 percent for artificial intelligence and automation. According to the press release, 29 percent of respondents think that the top impact of DLT and blockchain is its ability to enhance audit trails.

On the other hand, 22 percent thinks the top potential of this technology is speeding up the payment process, 21 percent think it’s improving cross-border payments and 18 percent said reducing payments fraud.

Rick Burke, Head of Corporate Products and Services at TD Bank, commented that “the varied responses indicate that the technology’s specific capabilities and implications are still a great unknown for many finance professionals.”

As Cointelegraph recently reported, 40 percent of institutional investors believe blockchain may be the most important innovation since the internet, according to a survey conducted by a trade association.

Data obtained through a similar survey published in January, reveals that 63 percent of institutional investors believe that senior business executives have a poor understanding of blockchain technology.