Monday, June 06, 2011

How to reform high street banking

Here's a simple idea:

    Let me take my account with me to my new bank.
      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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