How will new banking entrants change the game?

Even in today’s banking environment — with new regulations and economic change putting the squeeze on profits — there are new players who see opportunities. In some cases they may be players who already have a captive consumer base, such as retailers. In others, they will be new competitors who believe they can succeed by changing the game.

One of the latter competitors, Metro Bank in the UK, showed how they are raising the stakes for the customer at the recent FICO Forum: The New Normal held in London. Metro Bank is building its brand on a retail-like experience, using FICO technology to accelerate decisions. At the FICO Forum, Metro Bank’s Keith Binley noted that Vice Chairman Vernon Hill had set the goal of opening a card account in 15 minutes.

How is Metro Bank doing on its 15-minute challenge? “So far, 7 minutes 20 seconds is the best we have done – from the customer walking in, to leaving the branch with everything opened, valid working debit card in hand,” Binley reported, as noted in Retail Banker International.

“Metro Bank is all about amazing the customer,” Binley added. Sounds like they’ve made a good start.