The article linked below from Anat Bird is a fascinating example of the potential for reimagining an industry and the degree of change the digital world brings with it. Anat provides a summary of some of the approaches that Amazon has taken, and how they apply core capabilities to deliver amazing services in the huge world of "selling and buying". 

For digital transformation in any industry there are a number of themes that can be drawn out:

  1.  The complete focus on customer needs and experience
  2. The use of data to drive decision making and experience
  3. The use of partnerships and suppliers to access capability
  4. Seamless underlying technology linking online and offline experience
  5. Developing consistent trust and quality in their brand and the services provided, opening up new services and opportunities. 

For retail, the impact of Amazon has been a steady growth in scale and diversity changing the way we as customers do things. The same thing is happening in financial services - how quickly will an equivalent shift take to happen?