High Street Banks Lose £100 Billion in Savings to Challengers

High Street Banks Lose £100 Billion in Savings to Challengers

A new report indicates a significant shift in the UK banking landscape, with customers moving a massive £100 billion in savings away from traditional high street lenders to newer, online-only banks and building societies.
This trend is driven by customers seeking better interest rates and more user-friendly digital services, as challenger banks have been able to offer more competitive rates.
The findings highlight the growing pressure on established banks to innovate and adapt their offerings to retain customers.
The report from KPMG underscores the impact of digital disruption on the financial sector and the increasing consumer preference for modern, tech-driven banking solutions.

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