Banking on change : the development and future of financial services : a collection of essays commissioned by the London Institute of Banking & Finance

The London Institute of Banking & Finance has been delivering world-class, professional education to students in the UK and internationally for 140 years. In this milestone anniversary publication, industry experts present essays on the past and future of financial services, covering topics such as: How banks developed and why society values them The role of the retail bank Banks as lenders to small and medium-sized businesses The future of payments provision Whether demographics will dictate the future of banking The future of credit The future of wealth management Green investment Trust in markets Financial education in schools Fintech business models

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

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. "This book is being published to mark the 140th anniversary of The London Institute of Banking & Finance. Our aim was to produce a publication that is of lasting value to both students and professionals - in line with the founding principles of the 'Institute of Bankers in England' in 1879. Financial services is going through a period of profound change, so we approached experts from across the industry to tackle some of the most exciting and contentious topics. What, for example, will the future of retail banking look like as fintech competition hots up? Will credit provision change? How should the financial services professionals of the future be selected and trained? We also have some more personal pieces, including a look-back at the changes seen during a long career in banking, and a call for more appreciation of the value that financial services bring to society. In the Introduction, Navigating The Centuries, Ouida Taaffe examines how the work of The London Institute of Banking & Finance has not only informed the development of financial services over the past 140 years, but has also helped to shape the wider culture and economy"-- Provided by publisher Foreword / by Steven Haberman -- Introduction: Navigating the centuries / Ouida Taaffe -- Banking, finance and society : what keeps the motor running? / Peter Hahn -- Standing the test of time / Paul Lynam -- What happens when nobody is watching : regulation, bank risk culture and achieving environmental sustainability / Kern Alexander and Paul Fisher -- It takes an ecosystem : the future of trade financing / Alexander Malaket -- A new playbook for banks / William A. Allen -- Sustainable investment : the golden moment / Elizabeth Corley -- Living "off income" / Richard Tomlinson -- Power to the customer : disrupting banking / Anne Boden -- RIP Libor / Richard Northedge -- Boosting UK bank competition : still many cliffs to climb / Martin Stewart -- Changing the face of banking and finance / Shelley Doorey-Williams -- Getting the right stuff / Mike Thompson -- Financial education : how to make it count / Andy Davis -- Using AI to make risk transparent : the future of credit / Lowell Bryan -- Going over the top / Renier Lemmens -- Banking technology : can the centre hold? / Anthony Gandy -- The future of payments / Ruth Wandhöfer -- Life lessons / Alex Fraser