The market and regulatory landscape in which retail and commercial banks operate continues to present a number of strategic opportunities and threats. Post financial crisis, large banks had to address material legacy issues, clean up their balance sheets and bear the costs of new regulation, including significantly tighter prudential regulation through capital adequacy rules, while facing the pressures of a “lower for longer” interest rate environment.

These issues continue to be relevant, but the focus has now shifted toward adapting to the new world of “open banking” and big (or at least bigger) data, and investing heavily in technology to respond to nimbler, innovative models adopted by challenger banks and fintech players.