CITY VIEWS: DO YOU THINK NEW START-UP BANKS HAVE A CHANCE OF
ANDREW FRANCIS | MUNICH RE
“The new start-ups are not likely to take major market share, but they probably will see an increase in customers who will move for customer service reasons because the big banks are lacking in that area. I doubt people will move because the start-ups have better rates.”
CAROLYN BEGG | HISCOX
“Generally people will stay with the big banks because they are much more secure than the smaller start-ups. At the end of the day, people will remain loyal to a bank if they’ve used it for a number of years because they’ve built up interest.”
RICHARD HAYWARD | MITSUI SUMITOMO INSURANCE GROUP
“A lot of people are disillusioned with the high street banks after the credit crunch, especially because overdraft fees are so ridiculous. But I also think that people can’t be bothered to switch to a start-up bank.”