In Five Years, Banks Will Face Obsolescence Like Kodak: Former Barclays Chief

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’.