A Kodak Moment Coming for Banks & Financial Institutions?

Former Barclays CEO Warns The Industry to Adapt Fintech or Go Out of Business

Kodak Moment

This story was just too good for us to pass up today.  We often use exactly this analogy every time we talk about companies – or advisors – or governmental entities – who seem to refuse to acknowledge that the world is RAPIDLY changing around us, whether it’s robo-advisors or digital currencies or insurtechs that are up and coming.  They may not be at critical mass today, but watch out – they will be tomorrow – we promise you. .  It’s really why we launched FintekNews, to help as many people as we could from having a “Kodak moment”.  Remember the internet?  If you missed that whole trend, we’re here to make sure you don’t miss this one.  Read up. 
(Cindy Taylor/Publisher)

“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…”

Source: CoinTelegraph