A new report out by Citi says that new digital-first challenger banks may cause a 30% revenue hit to incumbent banks built on aging technology; to avert this crisis banks need to “re-invent themselves and re-imagine banking” by building their own digital offshoots; the report states, “By creating their own Bank X, we believe legacy banks can transform themselves from slow moving caterpillars to agile butterflies.”; while Citi does not have its own standalone brand yet it did spend $8 billion on technology last year. Source.
