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As Metro Bank breaks onto the high street this morning, the public and industry experts alike wait with baited breathe to see how it meets the high expectations.
This unique retail banking model focusing on the customer is open seven days a week, issues bank cards on the spot, offers customers the means to speak to a local person 247 and offers cash management services, among others.
Almost three quarters of consumers think new banks will lead to greater competition, resulting in better products and service, uSwitch research revealed.
"There's no doubting that customer service will play a big part in the drive to win new business, but with uncompetitive savings and mortgage rates, only time will tell if consumers will be prepared to sacrifice better rates available elsewhere in return for the promise of a more positive experience," said Andrew Hagger of Moneynet.co.uk.
The competitive offers Metro Bank currently provide include a flat rate of 1% on loans, currently unmatched on the market for smaller loans and a reasonable standard rate on credit cards.
However, critics are saying the overall lack of high interest deals could hinder its goal of setting it apart from existing competitors.
"It has been open in stating that it won't be chasing customers through the use of ‘best buy' products; instead it will focus on service and doing things differently," said moneysupermarket.com head of banking Kevin Mountford.
This launch follows the shakeup of most existing high street banks' existing offers, like Leeds' reduced fixed 4.89% for fixed fee buy to let 5-year fixed rate mortgage deal.
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