The success of the new Metro Bank lies in its ability to offer competitive rates for its mortgages and other products, suggested an industry expert.
Catherine Hearnden, director at MyMortgageDirect, pointed out that the popularity of the bank will be decided on the basis of the quality of customer service it provides.
The brand new bank can also win over loyal customers by providing rates that are better than those presently offered in the market, she added.
She said: "What they […] have to do is offer absolutely brilliant customer services compared to what a lot of the banks are offering now. I don't think that means opening longer hours; it just means that when you phone up there is someone who knows what they are talking about and is helpful and deals with it straightaway."
The Metro Bank created history last week when it opened its first branch on July 29th. It was the first high street bank to be launched in Britain in the last 100 years.
One of the unique features of the bank is that it is open longer than its other rivals. It also offers customers the opportunity to bank anytime during the week with a seven-day working week.
The first of the banks branched was opened in Holborn, London while the next two will also be located in the capital at Cromwell Road and Earl's Court. Metro Bank has set sights on an extensive banking network and will be opening up 200 branches in the next two years.
Open for 361 days in a year, customers can access the banking facilities anytime between eight o'clock in the morning and eight in the evening. Over the weekends, the branches will close earlier at six in the evening. Those wishing to leave their banking needs for Sunday can do so between ten in the morning and four in the afternoon.
All eyes will be set on the mortgage rates and interest rates offered by the Metro Bank, especially keeping in mind that the number of loans sanctioned for house purchases increased by two per cent in June, according to statistics released by the Council of Mortgage Lenders. |
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