KPMG says higher savings rates are fuelling move to challenger banks, specialist lenders and building societies
High street banks across the UK have lost the equivalent of £100bn in savings as more customers turned from traditional lenders towards online banks and building societies, figures show.
Experts at KPMG said rival banks - including new challenger banks, specialist lenders and building societies - had lured customers away from incumbent banking groups with higher savings rates. The traditional banks’ market share in deposits dropped from 84% in 2019 to 80% in 2024, it added.
Continue reading...Source: Guardian - World News