Account Switching Competition Heats Up in UK Market

by Tristan Hugo-Webb 0

Halifax, part of the Lloyds Banking Group has announced that customers looking to switch bank accounts to Halifax can upload a photo of their debit card from their smartphone or tablet that will enable them to submit their existing bank details without having to type the information into a form. The move follows another announcement by the Lloyds Banking Group concerning the launch of a new account comparison tool as each of the major banks start more actively competing for new customers.

Commenting on the new service, Director of innovation and digital development, Marc Lien said,

“Our focus very much remains on continuing to make banking with us quick and simple, including providing easier ways for customers to switch to us. Exploring technology that will help deliver for our customers and enhance our overall capabilities is a real focus for us at the bank.”

With the Current Account Switching Service (CASS) making it easier for UK consumers to switch accounts, banks have the basic foundation in place to increase incentives toward switching but to date; the major players have been slow to make any significant moves. But with Lloyds Banking Group announcing two new tools in a matter of weeks, it might suggest competition is set to heat up in the market.

Overview by Tristan Hugo Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Service

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