Is a Step-by-Step Approach to Change a Viable Option for the U.K. Retail Banking Sector?

Abstract This paper describes findings from a research program consisting of a series of surveys conducted in the retail financial services sector over a 7-year period. These surveys, which began in 1990, look in depth at how this major industry sector, which includes banking, insurance, and mortgage lending, is tackling the transition from automation to integration as described by Venkatraman's model of business transformation. This paper sets out the research findings on the way retail banks are introducing new technologies and their progress toward business transformation. It questions whether the strategy adopted is viable in the face of major technological discontinuity as identified by the ITE panel of the recent U.K. Foresight Initiative.