Banking is headed for an "Uber moment", Barclays' former chief executive once said in late 2015. But 14 months on, the financial services industry still remains a long way off, Antony Jenkins told CNBC.
Jenkins, who was ousted from the bank in July 2015, said that banks have so far undergone "incremental change" but they are yet to transform the financial services industry in the way Uber has done so notably within the transportation space.
Blockchain, the digital ledger-based data transfer system, is facilitating this transition – put it could be as much as five years before the shift picks up apace.
"I think we're in the pre-Uber moment phase. What I mean by an Uber moment is that point at which technology can create an experience which is transformational. We've seen that with the way Uber has basically revolutionised transformation. We're at what I regard as the end of the beginning of that process and I think in the next five years we'll start to see some real progress there.