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This Cebr report, commissioned in late 2014 by Fiserv, looks at changing trends in the UK banking sector, and the ways in which this different environment is positive for both potential new entrants and for consumers.

Recent years have seen a marked trend of new and disruptive technologies in personal and consumer finance. This has been driven by the rise of internet penetration as well as the increasing power and prevalence of smartphone technology.

With these new platforms, consumers can now check balances and transfer money from the palm of their hands, and the facility to pay in checks remotely is even being introduced. These new technologies allow customers to interact with their banks' services more quickly and easily than in branch, with the potential to increase customer satisfaction.

In addition, mobile banking users are increasingly able to pay for items in shops using different payment technologies. These range from contactless payment using radio-frequency identification systems, through using third-party balance transfer software, and even paying through simply knowing the recipient's phone number. With these convenient new methods of payment on the rise, consumers are more likely to use a non-bank provider in the future for many of their financial needs.

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