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Loan Protection: Scottish consumers want more banking competition

Scottish consumers would welcome more competition in the country's banking sector, according to new research.

A survey by accountancy firm Deloitte has revealed that 30 per cent of Scottish bank customers want more firms to appear on the high street to rival their more established rivals.

Furthermore, 17 per cent of respondents claimed that they switched banking providers for at least one of their financial products, prompting Deloitte to claim that new companies could thrive in the present market.

Dougie McAndrew, financial services partner at Deloitte, said: "New entrants have an opportunity to differentiate themselves in the Scottish market."

Despite the clamour for new names on the high street, consumers still appeared reluctant to take out a mortgage with a non-established firm, with just eight per cent of study participants claiming they would be happy to do so.

"Consumers are more likely to take out certain products such as savings accounts from new entrants, but remain cautious about committing to longer term products such as mortgages," Mr McAndrew added.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800263504-ADNFCR

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