What the demise of Barclays' P2P app means for other banks

"There aren’t many things from a decade ago that have remained the same," said Gareth Lodge, a senior analyst at Celent. "The industry has, and continues to, evolve — and perhaps with a pace that continues to increase."

"No longer is it just the banks' domain to create these things," Lodge said, adding banks have benefited from open banking. "The net result will be better customer propositions and experiences, and a different way of working for banks. Banks will need to be more agile, and experiment more, but then again, what business today doesn't?"