A new report by Citi titled 'Digital Disruption', predicts that US and European banks will shed 1.7m jobs by 2025. The report argues that banks will continue to become more digitally focused. Banks will not be replaced, but their branches will be
With advances in technology, the relationship that customers have with their bank and with their finances has changed. Customers rely less and less on walking into a branch for their banking needs, and instead have digital options to help them —ATMs, on-line chat, mobile phones, and Internet banking. So far these have been seen more as additive to a customer's banking experience but when do we go over the digital disruption tipping point and see a change in the fundamental banking business? Investments in financial technology have growth exponentially in the past decade — rising from $1.8 billion in 2010 to $19 billion in 2015 — with over 70% of this investment focusing on the "last mile" of user experience in the consumer space.