Our CEO, Eugene Danikis comments on a recent Financial Brand story on the future of legacy banks: Four Out of Five Legacy Banking Firms Could Be Gone By 2030, Analysts Warn.
The story quotes Jo Ann Barefoot as saying: “That’s the nature of the change underway in finance: It’s evolving slowly in plain sight, but has entered into an exponential, ‘hockey-stick’ acceleration driven by the exponential growth of technology in all sectors.”
In general, I agree with the assessment that Gartner’s projection is “directionally correct,” but is too severe — the real world won't be so black and white. If perhaps the caveat was "four of five legacy banks would be unrecognizably different in 2030" that would be something I could subscribe to. After all, dinosaurs aren't really gone. They're just birds..."
Read the full story here
Avoid extinction! Learn from digital-first financial services innovators N26, New10 and Kreditech as they share their success stories.
Discover how an incumbent financial institution can launch its own digital spin-off in less than 8 month