Metro Bank has opened the doors of its first store in July 2010. It marks the first new entrant to UK high street banking in nearly 200 years and is heralded as having a fresh approach that better targets consumer needs. Whether it is truly a high street revolution or a novelty that will fail to catch the eye of the cynical UK consumer remains to be seen.
- Examines the key strengths of Metro Bank's strategy and why this approach may appeal to consumers
- Analyses the elements of Metro Bank's offering which align with Datamonitor's FS Megatrend and highlights points where Metro Banks may fail to appeal
Change is a powerful message, particularly when the status quo is not widely applauded. Metro Bank is attempting to make headway into the typically closed environment of the UK high street banking world. Metro Bank is endeavoring to redefine what a bank should mean to consumers.
According to Datamonitor's Financial Services Consumer Insight survey conducted in June 2010, shortly before the opening of Metro Bank's first store, convenience and personal recommendations are the key reasons for choice of current account provider.
Reasons to Purchase
- Gain insight into the methods used by important industry players to give them a competitive edge
- Identify the implications of changing consumer behaviours and priorities