How to reform high street banking
Here's a simple idea:
- Let me take my account with me to my new bank.
including:
- My bank account number & sort code
My account history
All standing orders
That is to say make high street banking a commodity service.
They won't like it. They'll squeal. There will be IT issues and it might take years to implement.
But in the end if I can keep my mobile and home telephone number when changing suppliers I don't see it as that much harder to move my account.
This would open up banking to real competition and create real service.
I expect the banks to hate it.
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