Matthew Davies, who heads up global transaction services in Europe for Bank of America Merrill Lynch, knows that his corner of the banking world does not embrace radical change easily.

Transaction banking, which offers services like cash management and payments to large corporates, has sticky relationships, steady revenues and a few big players with sizable balance sheets that dominate the market. But, Davies, who has been in the business for over 20 years, believes that the sector is set for a major shake-up.