Former Barclays CEO : Banks Will Disappear. Unless They Harness Fintech

Jenkins, who was ousted from Barclays in 2015, created 10X Future Applied sciences in 2016.

He stated monetary companies will expertise a 50% decline in branches and workers within the subsequent 10 years. He stated we're “on the finish of the start” of a revolution in monetary companies the place fintech is simply too slender a characterization of what's taking place.

A ‘Kodak Second’ Arrives

It's attainable “Kodak second” is happening through which banks turn into irrelevant to clients, Jenkins stated. He stated banks should act shortly to keep away from this. He stated they've to consider doing issues which are radically totally different.

Jenkins in 2015 warned that banks confronted an “Uber second” on account of latest applied sciences.
Cryptocurrencies like bitcoin and synthetic intelligence are only the start of a brand new transformation in banking, he stated. The banking system, utilizing blockchain, shall be remodeled in a means that they are going to not actually exist.

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