Latest Intelligence on Current Accounts in Europe

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Type Product title / description Pub Price
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Virgin Money rocks the banking world

The UK government has confirmed that Virgin Money will buy Northern Rock, with the sale due to be completed at the beginning of 2012. This will create a new entrant with the potential to contend with the largest players almost overnight. However, the amalgamation of the two providers will not be without obstacles as customers from both sides start to witness change.

Published By Datamonitor
18 Nov 2011
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Banks must act now as the FSA investigates packaged current account selling practices

With banks still reeling from the repercussions of the PPI mis-selling scandal, more problems may be on the horizon as concerns over the selling of packaged current accounts grow. The FSA estimates that the UK banking industry will have to pay over GBP9bn in PPI compensation, making it essential that banks take pre-emptive action this time around.

Published By Datamonitor
11 Nov 2011
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Tesco Bank: latest mortgages delay shows an opportunity missed

Tesco Bank has announced a further delay to its entrance into the mortgage market until early 2012. As a result, it will be entering the market three years after the peak in customer dissatisfaction with the major banks owing to the financial crisis, but at a time when mortgage availability has failed to recover. Consequently, the golden opportunity for Tesco Bank may have already passed.

Published By Datamonitor
13 Oct 2011
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UK banks announce the latest successful year in the fight against fraud

Credit and debit fraud has experienced the largest decline in online transactions since the introduction of online banking and e-retailing to Britain. This is due to the heavy investment from the payment industry in new fraud detection technology.

Published By Datamonitor
10 Oct 2011
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Consumers struggle to find the value in value-added accounts

The latest findings from consumer watchdog Which? show that UK consumers rarely make full use of the added features that come with many value accounts. Banks must incorporate flexibility into their packaged accounts if they are to offer a legitimate "value" product.

Published By Datamonitor
25 Aug 2011
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Lloyds branch disposal faces obstacles to a timely sale

Co-operative Bank and NBNK are the only bidders known to have submitted formal proposals for the branches and associated customer accounts that Lloyds is being forced to sell. Lloyds needs to sell quickly to pre-empt September's report from the Independent Commission on Banking, which may recommend a larger disposal to promote competition, while customer reaction may delay the sale further.

Published By Datamonitor
21 Jul 2011
CommentWire
CommentWire

Tesco Bank: FSA delays may prove disadvantageous in the mortgage field

Tesco Bank's plans to launch a competitive mortgage offering could be hit by the FSA's hardened stance on new entrants following the credit crunch, as well as a shortage of funding. To be able to provide a marketable offering, Tesco will need to boost its savings base, and so it will continue to bring out competitive savings products.

Published By Datamonitor
08 Oct 2010
CommentWire
CommentWire

UK banking: premium services will only succeed with the right benefits

Fee-based current accounts are now offered by many big FS players, but UK consumers appear unwilling to use them. Recent Datamonitor research shows that it may be the benefits themselves that are not attractive; therefore, offering the right extras will help to draw in consumers and strengthen the relationship they have with their bank.

Published By Datamonitor
24 Sep 2010
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Metro Bank, day one: new player stirs up the competition, but will it stick around?

Metro Bank opened its first branch in London on July 29, to a significant amount of press and media attention. The firm is hoping to shake up UK banking, and it is certainly putting the likes of Barclays on edge. With uncompetitive rates and a limited target market, however, Datamonitor wonders whether the company's gimmicks will be enough to ensure its success.

Published By Datamonitor
30 Jul 2010
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UK government brings bank charges back into the public eye

The UK's recently-elected coalition government has made the abolition of 'unfair' bank fees and charges one of its key policies going forward. However, it is unclear how the government intends to enforce such legislation, and while the move appears to represent a good deal for consumers, there are significant downsides for both the industry and individuals.

Published By Datamonitor
21 May 2010

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