Banks Becoming “Museums of Technology”

Antony Jenkins, former CEO of Barclays, has described banks as “museums of technology” due to their failure to embrace digital transformation. This comment comes after the release of a study that found that banks globally are losing customers to more agile, tech-first competitors, with poor customer experience cited as a major factor among customers fleeing banks. Jenkins further highlights that banks’ slow pace of digital transformation has resulted in missed opportunities to acquire new customers and is calling for true transformation that is focused on improving customer experiences.