Hazel Moore has fully embraced the digital banking world, yet when she looks at banks today, she sees a system stuck in its ways, refusing to embrace an age of smartphones and big data.

While online banking is being adopted at a considerable rate with the advent of smartphones and mobile payments, FirstCapital’s Hazel Moore said that this actually leads us to believe the rate of change is going faster than it actually is.

While we might be sending money digitally and checking our statements online, real digital game-changers (like agreeing a loan) make up less than 1pc of deals made across the globe.

“We are just at the beginning of the beginning of the revolution of the financial services that is to come,” she said.

She warned that if banks are to continue in their current guise, they could soon be left behind by the major tech companies who are more than happy to offer the digital banking services that traditional institutions seem less keen to do.

“Almost every day, there is something about me going through my bank, and yet what are they doing with that data to make my life easier or to provide new products and services that surprise and delight me?” she asked. “Absolutely nothing. What a wasted opportunity.”

Words by Colm Gorey