The new rules on the amount of capital banks have to hold means that funds are not available to develop comprehensive responses to the mountain of regulations banks have to deal with. He called for a more straightforward regulatory framework in the sector.

David Silverstone, delivery and solutions director at pointed to a lack of custodianship of data within the industry. More specifically, he told CIO UK that there was a lack of quality assurance testing in banking processes, driven by a need to deploy new products quickly.

"There is a serious gap between the business as a whole and the programmes of change," he says. "Projects are given to a specific owner whose primary interests are the time and cost of the project, not the impact of project on the rest of the business, which is only considered when there is a failure."

He recommended banks look to the automotive sector, as an example of streamlined production processes, based on strict quality control mechanisms.