Former Barclays CEO Antony Jenkins has said banks confront a “Kodak moment.” Banks must avoid losing out to advanced fintech. He reportedly added “different ways of doing banking and financial services” are necessary.
He is reported to have added, “Now we will see the possibility – not necessarily the probability – of what we call a ‘Kodak moment’, where increasingly banks become irrelevant to their customers. Banks can avoid that, but they have to act now, and what they really need to do is think about innovation, but also transformation, doing something radically different.”
He said cryptocurrencies will start a new kind of banking. But the new banking may not include banks themselves. Removing the middle man is part of what may happen. In the meantime cryptocurrencies will take a bigger and bigger chunk of business.
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