Retail has long led the way on innovative customer service offerings, and the expectations consumers have of these firms are translating into banking more and more. Today, 'always on' retailing in the form of the internet and 24-hour stores has changed what customers are willing to accept as best practice from businesses.
As technology has evolved, so have consumers' concerns over security and privacy. Information and data are now central to the global economy and, as a result, are valuable commodities that can be exploited by criminal elements at both an enterprise and an individual consumer level.
Retail banking is an increasingly competitive market, with more and more providers vying for the attention of consumers, who are being encouraged by the government and industry regulators to search the marketplace and switch suppliers if they aren't happy.