Standing record
The Precursor Index
A quarterly reading of the conditions that decide what happens next. Not a league table of companies, but a record of whether the rails, rules and behaviours are moving toward or away from an open market. Updated each quarter; every reading carries the evidence it was drawn from.
Behaviour
Baseline
Customer switching and repeat use have not yet been observed across a comparable panel, so no direction can be assigned.
Infrastructure
Baseline
Official milestones and provider-described payment routes are in place, although selected customer journeys remain independently untested.
Policy
Baseline
Domestic interoperability and regional integration programmes have documented milestones, while delivery still requires route-level operating evidence.
Friction
Baseline
Published fees and product differences can be measured, but incomplete end-to-end journeys prevent a defensible direction.
Power
Baseline
Retail pricing varies by bank, while access conditions, switching constraints and practical substitutes remain only partly mapped.
Q3 2026 reading · Method and source documents published alongside each edition.