Weill said some banks would inevitably do both: become “more efficient at doing those transactions and… [then] move towards the customer”.
“I think it's one of the most exciting times for banks going forward as you get to reinvent a model that's been very successful for a long period of time,” he said.
In early 2014, Weill told bluenotes banking as a sector had a future - but accurately predicted the rise of competitors in banking services that are not banks.
He still thinks so - “of course banks still have a future” - but says the sector still faces a “huge transformation” it must reckon with.
“The way you achieve that is changing the culture of organisations from the way that we used to operate… to be much more agile, partner oriented and faster,” Weill said.
“We need different skills, we need different behaviours. The result will be better jobs because we will automate a lot of the jobs that weren't so interesting and that will leave us with a lot more creativity.”
One thing he can guarantee is banks won't keep doing what they’ve done before.
“It will be a different kind of behaviour and I think that's very exciting,” Weill said.
Carina Parisella is innovation editor at bluenotes