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UK current account battle continues

Challengers such as Nationwide and Metro Bank will benefit from the new rules, which are designed to drive up competition

Several of the UK’s major banking brands are losing customers to rivals such as Spanish bank Santander and building society Nationwide, according to figures released by the UK Payments Council – while competitor bank Nationwide continues to add customers.

“Big four” banks lose ground in current account market

UK consumers are increasingly willing to switch - but numbers remain limited

The big four high street banks lost ground in the current account market in the first year of the UK Payments Council’s current account switching service, mainly through poor customer service. But the guarantee did not accelerate the pace of account switching, according to an independent survey of bank customers.

IT teams need to address the challenges facing UK banking

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The challenger banks are coming of age. Aldermore, the UK’s fastest growing bank, is rumoured to be preparing for its IPO, just like OneSavings Bank, which was the first bank to list on the stock exchange since Bradford & Bingley in 2000.

The rise of the challenger banks

Mark Jopling - cropped

The face of retail banking in the UK is changing. In July 2010, the sector witnessed something not seen in over 100 years – the launch of a new high street bank. And where Metro Bank led the way, new and non-financial consumer brands are following suit.

UK to launch competition investigation into retail banking

The BBA has said regulators could do more to support competition between banks

Essential parts of the UK retail banking sector lack effective competition and do not meet the needs of personal consumers or SMEs, according to government body the Competition and Markets Authority, which is now planning to launch a full investigation that could last 18 months.

The name’s Paym – UK Payments Council names mobile service

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The mobile payments system planned by the UK Payments Council will be branded Paym. The Council says that it will announce the go-live date next month and final testing is on track.

Metro Bank all about customer care, says Donaldson

Donaldson: customer care comes first

Staff at Metro Bank don’t have sales targets – instead, they are incentivised to enhance the customer experience, says Craig Donaldson, chief executive at Metro Bank. The bank is hoping this approach will pay off as it continues its campaign to win over the UK high street with the launch of a new branch at Cheapside in the heart of London.

Nationwide reports rise in UK account switching – but critics remain unconvinced

Nationwide has reported a major increase in customers switching accounts - but some question whether it's down to the new service

Nationwide has reported a significant increase in the number of customers switching their main current account to the building society, following the introduction of the new seven day account switching service on 16 September – but not everyone is convinced.

Millions prepare to switch banks as UK switching service launches

Challengers such as Nationwide and Metro Bank will benefit from the new rules, which are designed to drive up competition

Experts are saying millions of people will abandon their old banks and switch to a new provider, following the introduction of new rules on 16 September designed to make it easier to change banks. But estimates vary widely, from single digits to tens of millions.

UK account switching rising – but still below par

New research points to a gradual rise in account switching in the UK

Retail banking competition is likely to heat up over the next decade, with millions more people switching accounts every year, according to new research published by the Centre for Economics and Business Research. But current levels are still far behind those found in other industries such as electricity and gas utilities, the study found.

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