Prototype hopes to fend off competition watchdog intervention by making it easier for customers to switch by emulating online comparison sitesLloyds Banking Group is trying to fend off tough intervention by the competition watchdog by creating a sophisticated price comparison system for current accounts.
The bailed-out bank,which has a market-leading 25% share of current accounts, has shown the Competition and Markets Authority (CMA) a prototype that could be adopted by the industry and by price comparison websites to produce it easier for customers to shop around.
Related: Banks dangle carrots to gather you to switch current accounts Related: Barclays biggest loser in battle for customers' current accounts Related: New comparison tool to offer best current accounts launched Continue reading...
Source: theguardian.com