Mr Harris is the founder of banking firms Firstdirect and Egg.

He gave a speech about client engagement and how businesses need to change their approach in the new digital world.

He specifically focused on the increased usage of social media as a tool for promotion and information sharing.

Referring to the “New Generation”, those under 30 years old, Mr Harris said that financial services firms would have to adapt to serve this new demographic.

This generation values social media, immediacy and online tools to serve their needs.

If firms do not do this they would be in a minority as “online self-service models will eventually destroy traditional models.”

Smaller firms, he said, are especially well suited to promoting their business over social media.

“Smaller businesses are better at social media than larger businesses. People value authenticity which smaller firms can provide, they have less spin and marketing speak.”

This is the second benefit for smaller firms as IFP chief executive Nick Cann said earlier in the conference that smaller firms had best embraced the changes brought about by the RDR and were growing at a time of economic uncertainty.

However, Mr Harris said, businesses could not just start selling products over social media.

“You have to be where your customers are but you have to  contribute insight before selling something to them.”

Ending his speech by citing firms such as Ford and Apple who engage in customer insight he said “if you’re going to be successful you have got to invent what customers need but don’t have.”