Insta
In Five Years, Banks Will Face Obsolescence Like Kodak: Former Barclays Chief
Antony Jenkins (Bloomberg via Getty Images)
Banks might be looking at a ‘Kodak moment’ where they approach obsolescence in the next five to 15 years due to the rise of new financial-technology companies, according to former Barclays chief executive officer Antony Jenkins.
In an interview with Bloomberg, Jenkins said that banks were looking at their 'Uber moment' where the industry was witnessing disruption thanks to technology like smartphones and contactless cards.
Referring to Eastman Kodak, the pioneer in photography that sold the first consumer camera in the nineteenth century but struggled to adapt to the digital age before filing for bankruptcy in 2012, Jenkins said this ‘Kodak moment’ would come and hit banks in the next five to 15 years.
A lot of banks in the United Kingdom are closing branches an investing in technology as newer fintech firms capture the market. Jenkins says banks may not be able to keep up as they lack the ‘culture or mindset’.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
