“It’s going to mean that bank branches are as common as a Blockbuster video store in a few years’ time.”
Blockbuster stores are non-existent in the U.K. after the video rental company failed to see the streaming trend pioneered by the likes of Netflix. This trend was seen earlier this year when both Lloyds and Royal Bank of Scotland announced branch closures.
Jenkins told CNBC in the same interview that banks are now facing a potential “Kodak moment” where banks become irrelevant because they don’t keep up with new technology.
“Banks can avoid that, but they have to act now, and what they really need to do is think about innovation, but also transformation, doing something radically different,” Jenkins said.