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"Reduced access to EU markets" - How?  London is a global financial hub, if the product is good enough to succeed, it will succeed.  Or do these entrepreneurs need protection from leaner, fitter, better products?

Those of us old enough to remember heard all of this when the UK didn't join the Euro.  The sky didn't fall in, London has thrived and the UK still has the financial capital of the world.

There a lot to commend in this article, however, transformation has to work hand in glove with innovation.  They cannot be seen as mutually exclusive. What was once 'innovation' is today's legacy.  There have been many examples of legacy systems directly impacting operations to customers for days on end leading to significant reputational damage (to an already damaged sector).

Digital needs an on-line, real-time banking experience and this is where the heavy-lift, mission critical systems fall short.  Major payments processors especially in Europe still cannot settle in real-time meaning that the periphery digital examples cited are the best we can hope for as an experience for now.

ACH does provide a glimpse of an alternative, however, a lack of standards is hindering progress and again, will take a few years to iron out the wrinkles there.  Additionally, many ACH processors are also 'legacy' but they are 'real-time'.

Like Paul, I've been a First Direct customer for almost 20 years now.  Their phone and digital services are deliberately easy to use.  I was annoyed at getting a security device for internet banking but this is only in line with other banks. They have allowed a reduced service using the old security approach.

In terms of customer service, their staff are first-rate, amiable and knowledgable.  The experience, on the whole, is excellent.

I've recommended them to countless friends and family. Those that took up the offer have also had the same experience as myself.

As a model, you can bank without a branch, in 20 years, I have never had to use HSBC's facilities and I have arranged a mortgage through First Direct as well.   It's not just the experience which is excellent, their products are (especially mortgages) are winning awards too.

I think many of the traditional banks could learn a lot from First Direct, people shouldn't have to put up with anything less.