Pedigrees, some stretching back centuries, are of little use to global banks unless they aggressively adapt to new financial technologies.
That's long been true, but the pace of innovation means financial juggernauts now face what one top executive likened to a mass extinction event.
A revolution in financial technology — often shortened to fintech — has propelled an explosion of new entrants who are shaking up the sector. Established giants, for their part, are fighting to adapt, emphasizing that technology may be changing fast but banking fundamentals are not.
Stephen Bird, CEO for global consumer banking at Citi, said the current changes may be happening on an unprecedented scale, but his bank — established in 1812 — is set to make the transition.