CITY AM – Banks must adapt in tech battle
CITY AM SAYS Ex-Barclays boss Antony Jenkins has warned established banks that they could be in a “world of very slow decline” if they failed to adapt to new technologies.
Speaking to City A.M., Jenkins said “this industry is really on the brink of having to undergo radical transformation if it’s going to remain relevant to its customers.”
Jenkins highlighted how the explosion of user-friendly fintech firms had transformed the banking landscape. He also predicted that the entry of big tech firms into the market, such as Apple and Amazon, would put banks under pressure to adapt to remain competitive.
According to research by fintech firm 10x, founded by Jenkins, 20 per cent of customers who left their bank did so because of poor customer experience.
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