- One of Deutsche Bank's most senior executives said that bank accounts could be obsolete within 15 years.
- Marcus Schenck, Deutsche's co-head of corporate and investment banking, said that a recent trip to China had opened his eyes to the fact that the retail banking sector is rife for disruption,
- "There's a thesis that at some stage in 5, 10, 15, 20 years — who knows — accounts will disappear, and be replaced," he said.
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Bank accounts could disappear within 15 years according to one of Deutsche Bank's most senior execs
"That would be a game changer to what we're doing," Deutsche's co-head of corporate and investment banking said at a conference in London.
LONDON — Marcus Schenck, one of the most senior executives at Deutsche Bank, believes that bank accounts as we know them now could disappear in as little as five years.
Schenck, who is co-head of corporate and investment banking at the German lender, told Bloomberg's European Capital Markets Forum that a recent trip to China had opened his eyes to the fact that the retail banking sector is ripe for disruption from new technologies.
Asked by an audience member how he and fellow panel members — Barclays CEO Jes Staley and Societe General Chairman Lorenzo Bini Smaghi — were preparing for technological disruption, Schenck told an anecdote about visiting a company manufacturing computer chips.
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