Page 6: Conclusion
Initiatives like supermarket banking are creating a highly competitive market framework in the banking sector, with a clear focus on consumers and their ever-changing needs. Much of this change has been made possible by developments in sophisticated information technologies, which means customers can carry out their everyday banking through a wide range of channels.
At the end of the day, it is the consumer who drives change. It is therefore the organisations which are most in tune with consumer requirements that are gaining market share. And, of course, the consumer will have confidence when the partners in joint ventures are two established organisations - in this case a leading supermarket and a top bank.