What is the social/environmental problem/issue that this project will address?
Government financial support for British banks has now reached a staggering £850bn. Yet despite having received the biggest taxpayer bailout in history, the banking sector does not operate in the interest of customers, the economy, society or the environment. The UK banking sector is currently too consolidated and homogenous, resulting in a lack of competition and genuine choice for customers as well as a lack of accountability. Financial commentators are predicting that, despite criminal activity, many banks are “too big to jail” and “too big to fail”. This has led to public concern that banks are getting away with criminal activity, flouting FSA rules and delivering bad service.
Can you give us some statistics on this problem?
Surveys have found that in the UK the average bank account relationship lasts just over 16 years compared with 14 years for a romantic relationship with a partner.
In the UK we are less likely to switch than anywhere else in the world – whoops!
MYM estimates that 2.4m people switched in 2012 and up to 14m said they would when switching becomes easier from September.
What is your solution?
We believe that people can change banking in the UK. Together, through switching their bank accounts, customers can create a momentum big enough to demand a banking system that is fairer and more transparent, accountable and responsive to needs and values of customers. We believe this will lead to a stronger economy and a more sustainable and diverse banking sector.