introduction 

throughout the decades and even centuries, technology has undoubtedly enabled the development of retail banking.

Historical patterns of technology 

main events 

main body

1.the rise of technology in retail banking

the catalyst for all major innovations in retail banking has been the industrial revolutions and the underlying technologies that gave rise to them. The financial sector has had to continually adapt and change in response to the external environment.

industry upscale and produce goods on mass production

第一二次工业革命，personal wealth 增加，demand for the early stages of personal banking.

第三第四次工业革命

changes in the way that customers access their banking services

historically, the traditional banks have been perhaps too insular as they endeavor to address and resolve historical technology technology-based legacy problems of the past and are arguably ill-prepared for the impending competitive storm that lies ahead.

retail bank ,more customer-centric. e.g. Barclays ,客户可以控制自己银行卡每日的提现限额，控制远程支付的功能，意思是自己主动进行风险管理

新潮流：share data and authorize other external parties to have access to personal data

银行搭建自己的technology platforms

dedicated private cloud搭建私有云

a full range of services and products via mobile app and website.

openbank——a cloud-based IT platform

2.the drivers of technological change 

customer driven 

experiencing customer-led revolution

customer grasp new tech, be able to interact with banks at any time.

有4G，不用到处找wifi，真正立刻获得自己的信息

RBS和小紫的“get cash”服务，紧急需要用现金，无卡用4位码取现。以前是小众服务，现在变成核心服务了

bank driven

tech inno harness by bank

omni-channel 

enable customer move seamlessly between traditional and new entrants.

3.who benefits and who loses from technological change?

what does the future hold?

过去竞争：IR on loans and saving 

现在竞争：best app,video banking service

通过social media，传统银行有机会去redress public perception of them

cost of developing technology

how banks can recoup their costs

carries risk but reward of being first to market

还是follow ,copy, acquire

banks need to determine whether the implementation of technology forms part of the marketing mix and is a channel that customers can have access to as a part of an omni-channel strategy and according should be covered from an additional degree of margin which forms part of the net interest margin that is charged,so that investment costs can be recovered,or whether the technology forms part of a distinct and discrete offering that needs to be accommodated within the pricing pf a specific product or service for which a fee may be charged.

这段巨长的话。。。=v=写的太好了

4.Is all technological change positive?

to what degree does new tech make the live of people simpler and more efficient?

key technological changes and how they impact customers

open APIs,让客户在金融行业内分享个人信息，在已有的信息基础上，识别最好的金融服务提供方。

带来了open banking environment

一篇参考文献“Data sharing and open data for banks”

customers need to be really sure that they want to authorize this (指的是一旦用户同意与第三方分享个人信息，就没办法收回了)to happen before giving their permission.

traditional banks remain in "slow adoption" mode for open banking-perferring .

they have the additional regulatory requirement to ring-fence their retail banking operations as separate legal entities from the perceived riskier corporate businesses.

美国的Dave app,每月收0.99刀

key technological changes and how they impact operations

technology focuses upon simplifying operations and reducing internal costs of the business to seek out better ways of delivering retail banking services in the future.

巴克莱的Rise London innovation center

桑坦德200m刀InnoVentures venture capital 

HSBC 2.1bn刀 in digital transformation of retail banking, wealth management and commercial banking 2015-2020.包括电子签名e-signatures and document upload services文件上传服务

simplifying the customer experience and enabling straight-through processing.

Nationwide 外包给CapGemini了，upgrade retail operations network to drive digital transformation strategy and to realize efficiencies and introduce customer-facing and back-office technologies.

TSB iris-scanning tech和三星合作的

5.what banking can learn from other sectors

retail branch/store design 

麦麦家餐厅设计

optimizing the operational logistics of managing a 21世纪银行

ease of purchase

亚马逊的一键下单

built app in an intuitive fashion that enable customers to browse a huge marketplace of products,select an item and execute payment with a swipe and a mere depression of customers fingerprint on smartphone.

传统银行，red tape,效率差

knowing your customer

Ritz-Carlton 连锁酒店

识别客户群体，回头客，了解客户的喜好

how other industries have shaped banking

PayPal and Apple Pay

simplify and speed up the process of making and receiving payment for goods and services

other external environmental factors

regulation

changes in the political landscape and social pressures 

separation of the riskier wholesale businesses from the less-risky retail operations ,减少大银行间的竞争。

this is due to the inability of the previously larger organization to effectively purchase market share by funding its purchase via loss-leading products elsewhere in the organization.

regu remove 行业进入障碍，给牌照，降低资本金要求，2013BOE干的

PSD2,Open Banking 传统银行失去了信息优势

Atom银行，三分之二英国人不愿意把自己的信息和第三方分享

political 

脱欧，硬脱欧（灾难），还是软脱欧

搬走大本营

Atom拿了30m刀融资

social

customer trust史上最低all-time low

tech failures

bankers' bonuses have fuelled the pubic perception of a corrupt and self-centered industry

传统银行此时容易被新进入者威胁