Customers may not give up banking with a traditional High Street bank despite the government’s efforts to improve competition across the financial industry, said a Financial Times article. According to the research firm Pinset Masons and YouGov, roughly 16 percent of customers would likely switch to a “challenger bank” like Metro or TSD within the next two years. When compared to last year, this number jumped from 13 percent.
Despite this, about three-quarters of customers said that they will keep on doing business with High Street banks, this however, hinders the government’s recent move to broaden competition within the financial sector.
