August’s banking report from the Competition and Markets Authority (CMA), calling for banks to open up and allow more competition, received a mixed reaction. Some hailed it as a game changer, however, many labelled it as just one of a long line of reports calling for change in an industry that has remained static for decades despite numerous attempts to disrupt it.
With customers still only switching accounts less than once every 10 years and the Big Four banks owning 77% of the current account market, it is easy to justify this pessimism.
