To sum it all up, retail banking is now an oasis for financial institutions. Retail banking client deposits provide a very significant stable source of financial support for most banks. Hence, it is important for banks to maintain their survival and also to stay relevant by pushing the borders of innovation and experimenting in the retail banking industry. 

Banks understand client requirements and preferences as part of a powerful client-bank partnership. The banks are slowly distancing from the personal relationship building from face-to-face meetings which provided knowledge of their requirements and preferences. This is now largely  due to the huge growth in size and client base where the touch points are now mostly remote channels.

In addition, the proliferation of supply channels has required banks to construct their presence across all channels (Omni-channel presence) to provide their clients with their services. As banks cannot entirely dictate that their customers choose specific channels, the challenge for banks is to design products and systems which are channel and segment agnostic. 

The difficulties are equally formidable, although retail banking offers fantastic avenues for development. Strict consumer-protection regulatory conditions, the risk of a slowing world economy and growing client expectations require banks to innovatively expand. The extent to which future mass retail banking will be able to accomplish its socio-economic goals will rely on bank readiness to innovative procedures and structures. It is in the interest of banks to align with the interest of customers, otherwise they may face tough legislative sanctions. After the crisis, there have been government demands for ethical pricing in several jurisdictions across the globe.

Banks in this digital age cannot ignore the authority of the social media, which has enough influence to reform the outliers forcibly through negative advertising. Retail banks therefore should enhance productivity, efficacy, a fair, transparent, and non-discriminatory pricing system, and show a dedication to fair treatment of their customers that can add value to society.