Smile, the full service Internet bank launched by the UK's Co-operative Bank in October last year, announced today that it has recruited 200,000 account holders in just 10 months. More than 80 per cent of smile's customers are new to the Co-operative Bank group.
While the uptake has exceeded initial expectations it marks a slowdown from April, when the bank reported signing up 120,000 users.
Smile's Chief Executive, Bob Head remains upbeat: "Statistically speaking people are more likely to divorce than change banks. What we've done at smile is offer people a compelling reason to switch banks."