UK Banking rival open for business
(10 August 2010 − UK)Metro Bank PLC has become the first new bank to open its doors on Britain’s high street for more than a century, in a bid to become a major player in the United Kingdom.
The bank, which opened earlier this month, went into an advertising frenzy after receiving a banking licence in early march.
Metro Bank has announced plans to build a network of more than 200 branches over the next ten years, with the second branch planned to open next month.
The bank is banking on untraditional services to win them customers, such as water bowls and biscuits for dogs that customers bring into branches, free coin counting, speedy account set ups, as well as being open seven days a week with the bank’s tellers not being hidden behind security screens.
Metro Bank’s co-founder and chairman, Anthony Thomson said that the firm believes customers simply want a better experience from their bank, the kind they typically get from a great retailer and that’s what Metro Bank intends to provide.
The new entrant is up against some heavy contenders that hold dominant market share including HSBC Holdings, Royal Bank of Scotland and Lloyds Banking Group.
Metro Bank fails to match some of the savings offerings from other banks according to UK consumer watchdog, Which.
The bank is offering an instant-access savings account with a return of 0.5 percent, compared with a current overall average of 0.79 percent and its fixed-term savings offers a return of only 2.5 percent for one-year accounts, compared with 3.1 percent from the current market leader, ICICI Bank, according to Which.
Metro Bank has announced plans to build a network of more than 200 branches over the next ten years, with the second branch planned to open next month.
The bank is banking on untraditional services to win them customers, such as water bowls and biscuits for dogs that customers bring into branches, free coin counting, speedy account set ups, as well as being open seven days a week with the bank’s tellers not being hidden behind security screens.
Metro Bank’s co-founder and chairman, Anthony Thomson said that the firm believes customers simply want a better experience from their bank, the kind they typically get from a great retailer and that’s what Metro Bank intends to provide.
The new entrant is up against some heavy contenders that hold dominant market share including HSBC Holdings, Royal Bank of Scotland and Lloyds Banking Group.
Metro Bank fails to match some of the savings offerings from other banks according to UK consumer watchdog, Which.
The bank is offering an instant-access savings account with a return of 0.5 percent, compared with a current overall average of 0.79 percent and its fixed-term savings offers a return of only 2.5 percent for one-year accounts, compared with 3.1 percent from the current market leader, ICICI Bank, according to Which.
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