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Range of Opportunities

Deregulation has introduced a number of new players and extended the services offered by existing organisations. As a result the range and type of work on offer has increased. Banks, supermarkets, insurance companies and even motor rescue companies are selling financially based products.

The level of customers moving from traditional banks to these new players is expected to grow over the next five years. The number of supermarket banking customers in the UK is poised to increase from 5.8 million people in 2003 to over 14 million by 2008, posing a significant threat to the business of traditional retail banks.

Information technology has also extended the way customers can purchase and access different financial products and services. The number of cash machines continues to rise and now stands at more than 60,000. Only one-third of these are actually located at bank branches: the rest are in shops, post offices, filling stations and other convenient places.

Facts:

  • There has been a dramatic increase in the number of call centres and customer service outlets. These are all competing and sell similar products and services.
  • Customers are increasingly using ‘anonymous’ cash transactions such as ATMs and internet banking