The FCA estimates there are over 72 million personal current accounts in the UK, with retail deposits of over £1.5trn, comprising current accounts, savings products and SME banking.
Bailey spoke of the pace and scale of change in the industry, with 16 brand new banks authorised over the past five years, and 38 further in the pipeline.
“The rate of increase of use of digital and contactless channels is fast and unlikely to slow,” he said.
“With that goes a sharp increase in the frequency at which customers wish to extract information from their accounts. And, the scale of operational threats from fraud and cyber-attacks has increased.”
“Some of these changes are put into sharp perspective when we remember that we are rapidly approaching the tenth anniversary of the outbreak of the financial crisis in 2007.”
