Welcome to the Question2Answer Q&A. There's also a demo if you just want to try it out.
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Q2A version: 1.7

2 Answers

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It is as "fast" as your server.

It just sends one ajax request if you click on the notification bubble. The respond time is up to your server, not to the plugin.
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You're unlikely to get any helpful replies with such a vague question... you need to elaborate what part of notifications is slow, some info regarding your hardware, content volumes, no of users, volumes of posts etc