The percentage of people who change their current account provider in any given year, according to a CMA study
like lower overdraft charges and higher interest rates on savings accounts. He argues it also holds “real potential” for SMES, who he says could get more help with bookkeeping, accounts and faster access to loans.
While digital upheaval has turned many parts of the UK economy upside down – from high street retail to the music industry – it has largely spared Britain’s big banks.
The same four – RBS, Lloyds, Barclays and HSBC – still dominate, while their nearest challenger, Spanish giant Santander, owes its market share not to digital disruption, but to the takeovers of Abbey, Bradford & Bingley and Alliance & Leicester.
Contrast that with high street retail, where the likes of Amazon and Asos have changed the face of shopping.
The CMA is the body ultimately