Metro Bank is set to launch on to the High Street in Guildford soon.
With the new arrival of a new high street bank underway, it makes you wonder is this really the right time to do so. The high street is quickly becoming a deserted place, with the imminent departure of 66 HMV Stores across England and many other retailers facing uncertain future. With the ever increasing threat of online e-commerce we ask does this provide the right judgement for a chain to launch on the High Street?
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| Is customer service over competitive rates the right way to attack the Banking Crisis? |
The high street bank which offers a range of savings and current account products believes that typical household names, such as Nationwide and Barclays, lacked that customer service factor. They felt that if they thrive on this aspect people will flock to their branches instead. Anthony Thomson, Metro's Bank CEO said 'We always said there was a real opportunity for a bank offering a real customer experience. People said it wasn't possible, that all customers cared about was rates, but we've been proved right.'
According to one source the recently opened store in Croydon opened 500 accounts on its first day. This successful launch marks a potentially big risk and threat to competitors but one which could have the potential revive the high street.
Metro Bank offers 7 day banking convenience with many branches open on a Sunday to cater for every need. Yet with advances in telecommunications and more and more people managing their money online, we have to consider whether we really need to visit the high street to manage our money. Furthermore customer service can be somewhat inconsistent from branch to branch, therefore it probably won't take too long before someone puts a spanner in the works and they become another casualty of the continuing failing high street.
It remains to be seen whether their rates will be competitive with other high street lenders and this will ultimately sway people to use the Bank.
