The retail financial services (RFS) sector covers all banking, insurance and investment management services to individuals and small businesses - mass retail, mass affluent, and private banking. 

Retail financial services have historically been more notable for the differences between various regional markets than any other segment of the industry. That is changing. More banking licenses and the sliced and diced market for a seemingly limited customer base make an intriguing banking portrait. With senior executives moving between regions and even between industries, there is now convergence in business models and attitudes. The result: an increasing number of challenges which are common across regional and international markets.

Decreasing margins. Increased competition (both from traditional players and non-RFS brands such as supermarkets). Constant and increasing consumer, regulatory, government pressure. RFS providers aspire to get closer to their customers but face substantial hurdles: they are constrained by systems, customer data, and established customer behaviors; they struggle to produce real, sustainable product or service innovation; they are looking for ways to transform their operations.