The evolution of retail banking services in United Kingdom: a retrospective analysis

The purpose of this paper is to assess the sequence of technological changes occurred in the retail banking sector of the United Kingdom against the emergence of customer services by developing an evolutionary argument. The historical paradigm of Information Technology provides useful insights into the ‘learning opportunities’ that opened the way to endogenous changes in the banking activity such as the reconfiguration of its organizational structure and the diversification of the product line. The central idea of this paper is that innovation never occurs without simultaneous structural change. Thus, a defining property of the banking activity is the diachronic adaptation of formal and informal practices to an evolving technological dimension reflecting the extent to which the diffusion of innovation (re)generates variety of micro level processes and induces industry evolution.