Innovation and automation - The future of retail banking

The launch of the first ATM (or cash machine), in London by Barclays, heralded a new, consumer driven focus for retail banks, with customers deciding when (and later, where) they wanted to access their money. This change allowed banks to shift their focus from applying rules (you may only withdraw money at a specific time) to meeting evolving customer needs. Additional technological advances brought further innovation and customer benefits. Plastic started to replace the cash in consumers' wallets, and online banking portals emerged on computers and smartphones, freeing consumers from the tyranny of opening hours, paperwork and phone calls from merchants to verify bank balances. In an increasingly competitive banking environment, consumers found themselves spoilt for choice as their banks increasingly tried to tailor their services to their customers' changing lifestyles.