"We took our eye off the ball," Kirsty Rutter, chief innovation officer of Barclays UK, tells bobsguide in this podcast, "and it was a gift."
Rutter goes on to discuss how the challenger banks spotted the gap in the market, executed excellent customer-centric strategies with fantastic technology.
It was a time to dread for the big banks.
As if 2008 hadn't damaged reputation enough, emerging players were evolving their technology and services at an ecstatic pace to drive up the standards of digital banking that customers quickly came ot demand.
But the big banks started to fight back, drawing on their huge resources and setup in-house accelerators to find the next fintech unicorn trained, nurtured and run out in their own academy.
The Rise Accelerator, headed by Rutter, is Barclays' answer to the challengers and their tech, by nurturing and fostering a catalogue of startups, including Flux, Synswap and ShieldPay among others.
Rutter also speaks about what it means to be an innovator, what personality make-up you need to thrive in disruption and how a small Japanese fishing village is now informing Barclays UK innovation strategy.
Listen below (23:30mins)