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While regulation and technology seem to be the major forces disrupting banking, there are others at play that don’t get as much headline as they probably should. Banking as we know it is changing and it is not just a few banks impacted, the whole industry is reshaping itself. This is a culmination of a number of events like the global financial crisis, increased regulation, bank bailouts, technology firms stepping into payments business, etc. that has impacted the way we see and use banking services. In August 2016, the Competitions & Markets Authority (CMA) of the United Kingdom published the Retail Banking Market Investigation report.
The report itself is a one-of-a-kind analysis by a government body to force the financial institutions to evolve. Unlike other reports this report focuses on improving competition and opening the market to the benefit of the consumers. The report itself is not the focus of this ebook and while the report lays down the framework for the future of banking this ebook covers seven (7) forces that are changing and will change banking. Download ebook here