Latest Intelligence on Current Accounts

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Type Product title / description Pub Price
CommentWire
CommentWire

UK government: making financial services digestible

As part of its recent white paper on banking reforms, the British government has suggested ways in which the financial services industry can re-engage with consumers, including the introduction of a color-coded system more commonly found on food labels. While the suggestion has drawn some criticism, the proposed system should at least lead to greater innovation and competition within the industry.

Published By Datamonitor
14 Jul 2009
CommentWire
CommentWire

RBA: new data fuel penalty fee debate

New data released by the Reserve Bank show that Australian banks amassed almost A$1 billion in penalty fees from consumers, including late and overdraft fees. The figures add weight to consumer groups' criticism of excessive penalty fees, but the Australian Bankers' Association has defended the charges, noting that they are easily avoidable by conscientious consumers.

Published By Datamonitor
22 May 2009
CommentWire
CommentWire

Free banking model could be under threat

Access to cheap consumer credit is becoming increasingly difficult against the backdrop of the credit crunch. Interest rates on authorized overdrafts have increased and overdraft credit has become more expensive. Furthermore, if the OFT decides that bank charges are unfair the free banking model could be put in jeopardy as banks look to make up this lost revenue.

Published By Datamonitor
12 Nov 2008
Expert View
Expert View

Tesco to challenge established current account players

Tesco is planning to enter the UK current account market by the end of 2009 via its Tesco Personal Finance brand. This will prove to be a very challenging exercise for the supermarket, not only because of the costs and logistics involved, but also because of the characteristics of the UK current account market, which continues to be dominated by big banks.

Published By Datamonitor
07 Oct 2008
Expert View
Expert View

Tesco: it's in the bank

Financial services are just one area that Tesco has been developing as it seeks to maintain growth. In buying out RBS and taking full ownership of its Tesco Personal Finance business, Tesco should be able to grow annual profits to GBP1 billion, from the GBP240 million estimated for 2008. In applying its core values of simplicity and value, Tesco could make life difficult for smaller lenders.

Published By Datamonitor
29 Jul 2008
CommentWire
CommentWire

Current accounts: OFT attacks "lack of transparency"

The Office of Fair Trading has said that the majority of customers are not aware of the charges and interest rates paid on their current account and are therefore unaware if they are receiving a good deal from their bank, leading to an uncompetitive market. As a result, just 6% of consumers changed their current account in the last year, the OFT claims.

Published By Datamonitor
17 Jul 2008
Expert View
Expert View

BoA signs one million customers up to mobile banking

Bank of America has announced that it now has over one million customers signed up to its mobile banking service. The role of mobile handsets in financial services is driving debate and innovation across the industry, and this landmark may be the clearest indication yet that a largely untapped consumer demand for the channel exists, but the mobile channel must offer more than online banking.

Published By Datamonitor
16 Jun 2008
CommentWire
CommentWire

Current accounts: UK OFT ups its stance against overdraft charges

The UK's Office of Fair Trading appears to have upped its stance on overdraft fees as it awaits the beginning of a High Court test case in early 2008. A long and tough battle is about to begin. Should the OFT succeed, banks will see a significant loss in revenue, and therefore seek other ways to recoup this loss, which may ultimately result in other changes that are unfavorable to consumers.

Published By Datamonitor
01 Nov 2007
CommentWire
CommentWire

Credit Agricole: Greece is a land of opportunity

In its latest European expansion, French bank Credit Agricole has set its sights on the thriving Greek market, with plans to boost in current 10% stake in Emporiki Bank to 40%, prior to an outright buy. However Credit Agricole faces a stiff test as opposition mounts from Emporiki unions and staff, showing that entering the Greek market is not without its risks.

Published By Datamonitor
03 Aug 2006
Expert View
Expert View

Lloyds TSB embodies burgeoning opportunities in Sharia finance

In a step to expand its Islamic finance proposition and compete with HSBC Amanah Finance, Lloyds TSB is the first high street lender to offer mortgages and current accounts which comply with Islamic law at all its branches. Such a strategy makes good sense, given the likely growth of Islamic finance in the UK.

Published By Datamonitor
15 Jun 2006

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