Banks are just protecting not innovating

It's really strange to hear so much about competition at EBA Day from organisations that appear scared. SEPA is as much a process of change as it is about change. Banks for years have been expert in slowing down anything that threatens their bottom line and in SEPA they have been active in a non active way in slowing down volume to protect their business.

Everyone knows that a business founded on protectionism is on a course to failure However, in the retail banking space they have been very succesful in stopping change and in the process the drive to lower pricing and increased services for the consumer.

In Spain the thoughts focus amongst other good things on competition. Laws are being passed to increase competition. This is a model for other EU states for sure.

There is no doubt that in a few years time at EBA Day we will be seeing a totally different agenda but I hope that includes the drive to service the consumer and corporates with brand new services based around a differential and prices but that has a very strong customer need thrust.