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Banking on Change: The Development and Future of Financial Services

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Banking on Change: The Development and Future of Financial Services

London Institute of Banking and Finance (Editor)

ISBN: 978-1-119-60998-8 September 2019 248 Pages

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PRAISE FOR

Banking on Change 

"In this 140th Anniversary celebration book, The London Institute of Banking and Finance stick to their core function of educating us all, but especially aspirant bankers, on the role and concerns of (retail and commercial) banking in the UK. They have assembled a well-chosen group of practitioners from a range of professions to write clear and easily assimilable essays, no technical expertise required, on a wide variety of current banking issues. If you want to learn about the current practices and problems of UK retail banking, this book must be essential reading."

—Charles Goodhart, emeritus professor of banking and finance at the London School of Economics

"In this important book, a line from Bill Allen's contribution is key: 'Nobody can predict the ferocity of the gale of creative destruction' that faces the financial services sector. True; but if you read the many and varied contributions, you'll have a pretty good idea. Moreover, you'll understand how we (that is, bankers) got here – and what we should do to make the industry more competitive, fairer and more genuinely useful. It is a soup-to-nuts look at banking – from the early days of the Institute of Banking, through the go-go years of ifs, to a present and future that are likely to be dominated by technology. It is well-worth a long read."

—Andrew Hilton, director, Centre for the Study of Financial Innovation

"If you were to imagine what a book celebrating 140 years of financial knowledge might contain, you could not come up with a better selection than this. As well as a historic sweep – from no-tech to fintech, the decline of trust and the rise of competition – today's hot subjects are addressed, including sustainable investing, cultural diversity and digital identity. The cradle-to-grave nature of the industry is captured in pieces about financial education and pensions. And it's well written, setting the scene nicely for the next era."

—Jane Fuller, Fellow of the Society of Investment Professionals

Financial services are undergoing rapid, and potentially dramatic, change. What will happen in payments, in sustainable finance and in fintech? How can the industry boost financial inclusion and ensure that its workforce has the skills it needs to meet regulatory requirements and to compete with new entrants? Can trade finance rise to the challenge of underpinning global trade for all and help the developing world avoid "financial abandonment"? What do financial services need to do to protect our digital identities?

Banking on Change provides insights by experts and influencers from across the financial services industry on these and other questions.

Published to mark the 140th anniversary of The London Institute of Banking & Finance, this book is intended to be of lasting value to both students and professionals.

About the Editor vii

About the Contributors ix

Foreword by Steven Haberman xv

About the Book xvii

Introduction: Navigating the Centuries 1
Ouida Taaffe

The Business of Banking – Reflections, and Directions of Travel

Chapter 1 Banking, Finance and Society: What Keeps the Motor Running? 11
Peter Hahn

Chapter 2 Standing the Test of Time 21
Paul Lynam

Chapter 3 What Happens When Nobody is Watching: Regulation, Bank Risk Culture and Achieving Environmental Sustainability 27
Kern Alexander and Paul Fisher

Chapter 4 It Takes an Ecosystem: The Future of Trade Financing 43
Alexander Malaket

Chapter 5 A New Playbook for Banks 55
William A. Allen

Chapter 6 Sustainable Investment: The Golden Moment 69
Elizabeth Corley

Chapter 7 Living ‘Off Income’ 79
Richard Tomlinson

Chapter 8 Power to the Customer: Disrupting Banking 93
Anne Boden

Chapter 9 RIP Libor 101
Richard Northedge

Chapter 10 Boosting UK Bank Competition: Still Many Cliffs to Climb 115
Martin Stewart

Banking – People and Skills

Chapter 11 Changing the Face of Banking and Finance 125
Shelley Doorey-Williams

Chapter 12 Getting the Right Stuff 141
Mike Thompson

Chapter 13 Financial Education: How to Make it Count 149
Andy Davis

Banking, Technology and the Future

Chapter 14 Banking on Identity 163
David G. W. Birch

Chapter 15 Going Over the Top 173
Renier Lemmens

Chapter 16 Banking Technology: Can the Centre Hold? 183
Anthony Gandy

Chapter 17 The Future of Payments 199
Ruth Wandhöfer

The Role of the Institute as a Life-Long Partner for Education

Chapter 18 Life Lessons 211
Alex Fraser

Index 217