UK banks promote new IT system to boost competition

23 July 2013

The UK banking industry is set to implement an advertising campaign across a multitude of platforms to encourage people to switch bank accounts.

It has been devised to increase competition in the sector and will promote a new £750 million IT system that will allow the procedure to become much easier, the Guardian reports.

The adverts will hit television screens in September and will also appear in newspapers, magazines and on billboards.

Banks are attempting to prove they do not need a competition inquiry to get customers to move their current accounts.

In order to boost competition, which it was instructed to do by the government, the banks have spent £750 million designing the new computer system that will allow them to speed up the time it takes to transfer a current account between one company and another.

The upcoming changes could see the four major banks - Lloyds, Royal Bank of Scotland, Barclays and HSBC - lose some of their grip on the market.

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development