CITI: The ‘Uber moment’ for banks is coming — and more than a million people could lose their jobs

April 5th, 2016

by: Portia Crowe

Banks are quickly approaching their “automation tipping point,” and they could soon reduce headcount by as much as 30%.

That’s according to a new Citi Global Perspectives & Solutions (GPS) report on how financial technology is disrupting banks.

“Banks’ Uber moment will mean a disintermediation of bank branches rather than the banks themselves,” the report said.

“Specifically, it will mean the shift to mobile distribution being the main channel of interaction between customers and the bank,” the report reads – Read more

Leave a Reply