“Technology is about to transform the banking sector. A September 2013 Aite Group survey of business users showed that many of them already use alternatives to banks, for everything from electronic payments to cash flow forecasting.
Can you blame them? Do any customers love their bank? Have any of us who struggled with the impact of the 2008 crash forgiven the senior bankers who collected eye-watering bonuses? Well, it might be payback time. New technologies are preparing to take a big slice of the traditional banking business.
Bankers have been slow to recognize the technology threat, but it's becoming visible to some of them. Speaking at June's Future of Financial Services conference in London, Barclays chief executive Antony Jenkins warned: "We are on the leading edge of a technology revolution. You can't see it, but it's coming, it's coming hard, and it's coming fast." Here's the problem, though: The banks aren't on the edge of a threat -- the threat is already here.”
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