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Citigroup exec says bank’s face same disruption threat as taxis with Uber

Justice League

The Australian global digital head at international banking giant Citigroup, says the disruption taking place in the financial services industry will be on par with the impact Uber and Airbnb has had on taxis and hotels.

Greg Baxter told The Australian Financial Review that the current wave of fintech disruption would lead to a new-look sector, where incumbents had been forced to innovate and take on industry-wide revenue losses of about 30 per cent drop over a decade, before things picked up again from new market opportunities.

Mr Baxter, who was formerly a partner with Booz and Company and a senior program manager at IBM, said the transformation in financial services would lead to banks being more focused on personal digital experiences for customers.

“Fifteen years is enough time to see banking fully integrated into our lives… In the same way as you use Facebook to stay in touch with people, you’ll have that same sort of integrated experience from a financial…

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