Are Non‐Banks Winning in Retail Financial Services?

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Abstract
Retail Bankers must redefine their business if they are to compete profitably against non‐bank financial institutions (NBFI) in the consumer market. Banks have hitherto been slow to respond to change and to include NBFI as competitors, recognising only tardily that consumers are becoming more financially sophisticated, that deregulation is moving traditional barriers and technology changing the face of competition. Although NBFI have taken the lead in the consumer fianancial services marketplace, the race has only just begun, and in ten years' time some of the banks represented in today's market will have established strong and profitable positions, due to the development of market‐driven strategies and consumer marketing techniques.

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