Are the big 5 Banks set to lose market share to alternative providers of finance?

In a recent report titled The Changing World of Money, KPMG claimed the UK’s big five banks could lose over 10 per cent of their market share to alternative finance by 2020.

 

This assumes that new providers (both old and new brands) will utilise new, often web-based technology, to create leaner operations that are both cheaper to operate and customer centric, but importantly very fast. The digital loan. They will also not carry the baggage and associated overheads of a cash based business operating across multi-financial disciplines from high street bricks and mortar edifices. Read More