Greater competition within the banking sector is being called for by consumers, who feel this would create far more choice in terms of savings accounts.
A new survey carried out by accountants Deloitte has revealed that a third of consumers wished that there were more banks to choose from.
Many consumers reported that they would be keen to open a savings account with a new provider, including household-name supermarkets or department stores.
Twenty-seven per cent of people said that they would take out a credit card with a non-traditional, new banking provider, whilst 22 per cent would open a current account with such a provider.
When it came to mortgages, consumers remained more committed to the well-established banks, with a mere nine per cent saying they would be happy to take out a mortgage with a new provider.
Deloitte said that the results of the survey proved that there was real scope for a new provider to enter the market.
Neil Tomlinson, head of retail banking consulting at Deloitte, said, “Our findings suggest that consumers will look to more established and recognised brands who extend into banking, with one in 10 saying they would be happy to bank with any large household brand.
“Further, consumers are more likely to take out certain products such as savings accounts from new entrants, but remain cautious about committing to longer term products such as mortgages,” he added.
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