Published on : Aug 21, 2019
Albany, New York, August 20, 2019: The Financial Control Authority’s (FCA) announcement that banks will no longer be able to charge the uncalled for overdraft fees which made them over 2 billion pounds in 2017 will potentially be a massive jolt to many sector. The unauthorized overdraft charges tend to have repercussions on the most prone customers who are grappling to manage their finances. Meanwhile, one in four account holder use their overdraft, while regular users have been willing to turn an overdraft into a loan.
These insights are according to the intelligence report, titled, “Current Accounts—UK—July—2019,”which has been freshly added to Market Research Hub’s (MRH) exponential repository.
While Lloyds Banking Group has bolstered its presence by adding extra functionality to its apps, NatWest has spearheaded in tech innovations. Of late, Lloyds Banking group launched a suite of appealing features for its mobile banking app, including bill payment alerts, spend tracking and spare change saving options. Moreover, new pilots are being tested which use machine learning software to notify the bank’s 9 million customers when they are charged for the very first time on a card subscription or when a regular bill is higher than the usual.
NatWest announced the roll out of Mettle—an innovative digital proposition for SMEs in the last quarter of 2018. Mettle is expected to facilitate customers to open a business current account in minutes, create invoices from their mobile phones, forecast their business performance and offer reminders for chasing payments.
Nearly 1 million switches being witnessed in 2018/19 and UK population soaring over 66 million present a sanguine picture to the stakeholders in banking sector. That said, Brexit deal will potentially have the impact on the UK’s banking landscape.
Current Accounts—UK—July 2019: Report Content
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Current Accounts—UK—July 2019: Research Methodology
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