Innovation distinguishes between the leaders and the followers

The environment within which retail banks operate has changed significantly since the 2008 global financial crisis. Nevertheless, the transformation is far from complete; retail banks face a wide range of evolving challenges. Organisations are increasingly conscious of the importance of 'customer-centricity'. Moreover, as a consequence of the FCA's conduct risk agenda, firms are mandated to provide an enhanced service, with customers at the heart of their strategy. However, striking the correct balance between regulatory compliance, customer-centricity and technological development will represent a considerable challenge. The Financial Services industry was built on the needs of its customers and functioned in order to meet those needs. It is important to keep revisiting this story to remind ourselves of the needs and expectations of the society we are here to serve.