Citi Says Incumbent Banks Looking at a 30% Revenue Hit

A new report out by Citi says that new digital-first challenger banks may cause a 30% revenue hit to incumbent banks built on aging technology; to avert this crisis banks need to “re-invent themselves and re-imagine banking” by building their own digital offshoots; the report states, “By creating their own Bank X, we believe legacy banks can transform themselves from slow moving caterpillars to agile butterflies.”; while Citi does not have its own standalone brand yet it did spend $8 billion on technology last year. Source.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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