Skip to content
Premium Symbol Premium

UK banks ‘should exploit benefits of tech’, government report claims

CMA report

British high street banks have been asked to launch a tech “revolution” in an attempt to promote better competition across the sector.

Following a two-year inquiry, the Competition and Markets Authority (CMA) said today that new phone apps should be launched by early 2018.

The final report published by the CMA concludes that older and bigger banks do not have to compete hard enough for customers’ business and that smaller and newer banks find it more difficult to grow.

This, the report adds, means that many consumers are paying greater fees and not necessarily benefiting from new services.

Alasdair Smith, chair of the retail banking investigation, said that the reforms announced today would shake up retail banking for years to come and ensure that both personal and small businesses to secure better deals with their banks....