Commenting, he said: “Some of the biggest players in the financial services industry have had it too good for too long. They have relied on an apathetic customer base that feels that the grass would be no greener if they were to switch to one of their rivals. Some fresh new blood in the banking sector, with simple well priced products is needed to give customers something other than just another shade of beige to choose from.
“Customers don't want to continually chase best buy rates or have to try and figure out the pitfalls hidden deep in the terms and conditions of ever more complex accounts. A simple straightforward ethos where consistently competitive rates are backed up with A1 levels of customer service is the formula that could secure a decent share of the personal finance market.
“The high street banking giants have become used to having it their own way and more complacent as the level of competition has dwindled. Innovative new players that can balance shareholder and customer expectations have this window of opportunity to convince millions of consumers that they represent a credible banking alternative and one worth switching to.”
