The ground has been set for small start up banks to finally take on the big boys.
Seven day current account switching has eased the path of customers curious about changing their bank, while an easing in the requirements for securing a banking licence in the first place have helped start-up banks.
Nevertheless, the task of starting a new bank remains huge. Among the challengers looking to battle the established giants is Starling Bank.
Banking flock: Starling Bank will hope to attract flocks of current acount customers when it launches next year
It was created in January 2014 but, in an indication of the time and effort needed to actually go out to customers, it is only scheduled to launch next year.
It will launch under the eye of founder Anne Boden. She told This is Money that the aim when it opens for business is to be the market-leader in its one product offering – current accounts.
‘We want to have the best current account in the world. We want to do one thing very well – and that will be our current accounts,’ she tells us.[“source – thisismoney.co.uk”]