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Will new entrants to the UK banking sector make a difference?

Earlier this week we saw the introduction of Metro Bank into the UK with a very different approach to high Street banking, akin to the retail world, working hours and simplification of the current banking set up in the UK. The company has promised that customers will be able to set up a new account, apply for new services and make use of their various facilities in no more than 15 minutes. When was the last time you were able to open a bank account within 15 minutes!

While there is no doubt that Metro bank will grab the headlines in the short to medium term and ultimately could make a dent in the market share of the leaders such as Barclays, Lloyds, Royal Bank of Scotland, etc, will the company be around in five years, 10 years or 20 years?

This is the $6 million question and ultimately only time will tell whether UK consumers are happy to embrace a new style of banking in the UK, which has been very popular in the US, and force existing banks to adjust their strategies. It has to be said that if you were about to introduce a new banking company into the UK then now is the right time, with consumer confidence and consumer trust in the UK banking arena at rock bottom. Whether this will be enough to turn customers towards Metro Bank remains to be seen.

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