Traditional banks may be obsolete within 5-15 years, sez former Barclay’s CEO

January 20, 2017 (Windy Hill Beach, South Carolina) — Banks are already seeing their customers using other technology to do things they used to pay a bank to do. Former Barclays CEO describes this as a “Uber moment”. Yet to come is the “Kodak moment”, he predicts, when banking customers decide that they don’t need banks for much of anything anymore. Read the full Bloomberg story via the link below. The article notes that “Britain’s biggest lenders are closing branches and increasing their investment in technology.”

Over the past year or so, I’ve been wondering if many local banking branches will close down in my area, and imaging what the buildings will be used as in the future. A lot of gas stations closed after the oil embargo in the 1970s. Some of those buildings have still not been used for another purpose.

Banks to face ‘Kodak-style’ end soon; fintech to blame
Francine Lacqua and Jon Menon
Khaleej Times
Jul 20 2017

london — Banks could face a “Kodak moment” where they approach obsolescence in five to 15 years at the hands of new financial technology companies, according to former Barclays CEO Antony Jenkins. Traditional banks are already seeing the start of more...

Ref: Francine Lacqua and Jon Menon (Bloomberg), “Banks to face ‘Kodak-style’ end soon; fintech to blame”, Khaleej Times, 20 Jul 2017, p. 26

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