The UK banking sector is being transformed due a range of forces including evolving regulatory requirements, changing customer expectations and technological innovation.

A new breed of ‘challengers’ have been built from scratch; centred on customer needs, technology and agile innovation. They have acted as a technological catalyst for the traditional banking sector, with the biggest banks now focusing on digital transformation and improving customer service.

Alongside all this change, there has been  a notable increase in regulatory focus. Stemming from the financial crisis and other highly publicised scandals, this focus has brought about regulation such as the second Payment Services Directive (PSD2) and SMCR. All banks, both ‘challengers’ and incumbents are also still under intense scrutiny for financial crime.