Today the first high street bank for over 100 years has been launched in the UK, Metro Bank opened the doors of its first branch in Holborn (London).
Reported by the
BBC the Metro Bank said “It will emphasise on good customer service, including long opening hours seven days a week.” The opening hours will exceed those of other established banks, however four bank holidays a year the bank will be closed.
Over the next two years they intend to open 10 more branches, and are aiming to expand to at least 200 more branches across Greater London within ten years.
The Metro Bank intends to offer a faster and more efficient service to its customers. They have invested in one computer system, allowing staff to access customer data faster and easier than before. This puts them at an advantage to other established banks that use 15 to 20 different computer systems.
Whilst the jazz bands performed outside the bank the first customers queued up showing genuine interest in the banks message of providing a significantly better level of service.
People of Britain have been longing for a revolution to the banking business, focusing on customer service which the
Metro Bank is promising to provide.
The bank assures customers that they will allow them to open a full account with debit and credit cards in just 15 minutes. Chairman Anthony Thomson states “We believe customers simply want a better experience from their bank, the kind they typically get from a great retailer and that's what we intend to give them."
Metro Bank overdraft rate will be a standard of 15%, personal loans will be charged at a rate of 10% and the annual interest paid on instant access savings will be just 0.5%.
Customers are mainly interested in competitive interest rates, if the banks interest is at a reasonable rate then they will be able to gain market share.
Vernon Hill, the co-founder of Metro Bank along with Chairman Anthony Thomson, hopes to replicate his success in the USA.
Edited By: Chanelle Eaton
Source: BBC News