I nnovation. Goodness knows the banking industry needed it. When Metro Bank was launched in 2010 it was the first new high street bank in the UK for more than 100 years.
Its launch was compelling, with Metro’s prominent position in the centre of London and longer opening hours. But it was essentially just another bank on the high street. It wasn’t until 2014 when Atom Bank became the UK’s first digital-only firm that we saw some real change.
Shortly after came Monzo, Starling Bank, Revolut and the like (although the last only got its banking licence in July so is not yet technically operating as a bank). The era of challenger banks — where customers bank online or through their phone apps rather than in.