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NEWS Metro Bank CEO: “Customers want choice”
of choice should be a cornerstone of retail banking. That’s according to Metro Bank CEO Craig Donaldson, speaking at The Economist‘s Finance Disrupted event, which took place in London during January.
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“Human beings need relationships,” he said. Technology should be an enabler for one-to-one interactions and physical communication, rather than an out-and-out replacement. Metro Bank, despite leading the charge as one of the UK’s challengers, is notable in its creation of a branch network. It has just under 50 of them, and there are plans in motion for that number to be extended to 200.
1,100 people are coming through the doors of Metro Bank branches – which Donaldson calls “schools” – every day to switch. The CEO reckons that this is down to the service on offer. “We don’t incentivise or advertise,” he said. “Unless we change the behaviour of banks, customers will continue to vote with their feet.” Newer banks are interesting to disenfranchised customers because they’re delivering “what people want”.
Mashreq gets first crack at Samsung Pay UAE to offer its customers early access to Samsung Pay. M
“We believe in launching innovations that benefit our customers. We are passionate about providing our customers with digital tools to make their day to day financial management better. To our customers, a and better experience means it must be simple, fast and convenient. We pioneered Cardless Cash and Card Control in 2015 and 2016 respectively as the first bank to make it possible to withdraw cash without a card and to empower customers to have full control over their cards instantly,” says Subroto Som, Head of Retail Banking at Mashreq.
ashreq has become the first bank in the
“Although the penetration of digital wallets is still in a nascent stage, I strongly believe the market will grow exponentially in the next few years. Partnering with Samsung is an exciting move in that direction.”
Scott Thompson roviding customers with the right amount
Donaldson was questioned on why Metro Bank offers both branch and online services – something he says is part of its strategy of offering choice – and whether digital-only players have a chance. There is space, he admitted, for these ventures to come in. How big that space is is “up to them”. Donaldson did fire some shots before taking his leave, however. One newcomer, he stated, required a customer to go into RBS branches to cash cheques and sends new cards out via the post. “That’s not digital.”
Alex Hamilton
www.ibsintelligence.com © IBS Intelligence 2017
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