Former CEO of Barclay’s, Antony Jenkins, has warned the banking community of a coming ‘Kodak moment’ for banks and financial institutions unless they embrace the coming fintech technology revolution.
Speaking of the revolution in fintech that has precipitated the massive growth of cryptocurrencies, Jenkins said, "Now we will see the possibility not necessarily the probability of what we call a 'Kodak moment,' where increasingly banks become irrelevant to their customers.”
Jenkins went on to address the widespread growth of cryptocurrencies and the rise of artificial intelligence are just the beginning of the change in the way banking is handled worldwide.
While some might say, Jenkins, is biased as the founder of fintech company 10X Banking, the rapid proliferation of banking solutions using Blockchain technology seem to indicate that he is providing useful guidance for the industry.
With growing acceptance of cryptocurrencies in Germany, Kazakstan, as well as in Asian countries like Vietnam, the banking industry will be forced to keep pace with the fintech world.
Jenkins concluded:
"This is just in the footprints of what's going to happen here. As these technologies season and develop, we can imagine total transformation of the banking system, using Blockchain for example, in a world where banks don't really exist anymore."