Watch out dinosaurs, we’re in ‘extinction phase’ – Citi global CEO

Banks are living through an "extinction phase" as they look to survive the asteroid that is digitisation and the new competitors it ushers in

“Within 12 years time, 80% of financial firms will either go out of business or be rendered irrelevant by new competition, changing customer behaviour and advancements in technology, according to a forecast this week from Gartner.”

Banks are living through an “extinction phase” as they look to survive the asteroid that is digitisation and the new competitors it ushers in, warns Stephen Bird, global CEO, Citi, speaking at the Hong Kong Fintech Week conference.

Read more at FinExtra.

Digital Disruptors

Our Digital Disruptors guide explores how the technology trends and market dynamics that expose traditional businesses to these risks of being eaten alive by the digital era, showcasing Scottish vendors who can play an important part in defining and enabling the adaptive strategies required to avoid this fate, such as The ID Co:

The ID Co – Open Banking as a Platform

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