Antony Jenkins
Friday, May 11, 2018

Technology not size is key to banking success

The following are excerpts from a viewpoint that 10x’s Antony Jenkins wrote for the Financial Times. The full article can be read here:

  • In the future, the most significant factor in the battle between challengers and incumbents will be technology, which is driving a fundamental transformation of financial services.
  • Agile, relentlessly customer-focused businesses will triumph over those that rely on their size.
  • Back in 2015, I predicted that up to half of UK bank branches would close over the next decade as more people used digital banking services. We are in an Uber moment — a sudden, significant shift in customer habits wreaked by new technology.
  • Succeeding at this game — whether you’re an incumbent, a challenger or a neobank — means operating in a radically different way.
  • Companies that understand this, and drive digital improvements into new areas, will be the winners. Online services have already transformed forex and payments. Mortgage lending or insurance could be next. The key is to improve customer service.
  • Agility, unlike technology, does not come in a box.
  • It can only arise within a corporate culture that rewards innovation and sees opportunities rather than threats in changing circumstances. Winners do not rely on rent seeking and risk aversion fo profits. Technology is the tool, but real change comes from leadership and courage.
  • We all want a fairer, more cost-effective and inclusive financial system. Challenger banks, neobanks and fintech can help show us the path.
  • We will all be better off when we get there.

The full viewpoint by Antony can be read here on

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