CITI: Banks are too slow and ‘not relevant enough’ to lead fintech disruption

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Citi Bank’s head of digital Heather Cox says the incumbent institutions are moving too slow and aren’t relevant enough to lead the fintech space.

In an interview with the AFR, Cox said: “We’re all moving too slow – and we have to figure out how we are going to be really relevant in people’s lives.”

Innovating the way transactions are made, payments are processed, the currency we use and even how money is borrowed are just some of the solutions startups are working on. The prize is huge. Last year Australia’s big four banks posted $28.6 billion in profit.

But Cox says she doesn’t view other banks as competitors in the digital space.

“We are not good enough, we are not relevant enough – what I see as our competitors are the people entering the fintech space,” she said. “People who are getting into banking and bringing new services [such as payments and peer-to-peer lending] … they’re doing amazing jobs. They’re the ones we need to be watching.”

There’s more here.