Britain's competition watchdog is preparing an in-depth investigation into the retail banking sector in a move which could eventually see the country's high street giants broken up.
Oh dear....seems to miss the main point. So-called "Free" banking is a crucial area of review where the cross subsidising of such free accounts is likely to be seen as being anti-competitive. Look out for a flurry of announcements from the banks to withdraw
Do we need government intervention to break up banks when the likes of Apple, Facebook, Google, Prosper and other neobanks are supposedly going to decimate them shortly and turn them into dinosaurs before you could say B-A-N-K?
Crux of the issues as the article states in between is lack of differentiation as switiching is made easier. So it is incumbent on some of the new entrants to woo customers rathern than blaming the big 5. One avenue to make a difference would undoubtedly
be service excellence but then we have seen that this starts to deteiorate once you become a big operation..
Competitive (base, bonus, benefits)Boston, MA (USA)
© Finextra Research 2014