Following the financial crisis, the banking industry in the UK went through a period of sustained growth with the rise of digital ‘challengers’.
With the new market entrants came rapid development in technology designed to streamline processes and deliver better services to customers. As a result, some incumbents developed ‘challenger’ bank propositions internally to ride the wave of the neo bank and deliver a 21st century service to customers.
In addition to the technology revolution, the banking sector has also seen a notable increase in regulatory focus. Stemming from the financial crisis and other highly publicised scandals, this focus has brought about new legislation such as the Capital Requirements Regulations and greater focus on governance in the form SMCR. All banks, both ‘challengers’ and incumbents are also still under intense scrutiny for financial crime.
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