The UK’s largest retail banking group, Lloyds Banking Group (LBG) has announced the creation of a new online tool that will enable customers to compare different accounts and any tied benefits and overdraft without affecting their credit history. According to the LBG, the tool will also provide people who may not currently qualify for a checking account to interact with personal finance guides that offer tips and resources to help improve credit scores.
Commenting on the announcement, Stephen Noakes, managing director retail customer products, Lloyds Banking Group said,
“This new tool offers people the chance to understand what accounts they can switch to in a simple and straightforward way without having to worry about the knock on effect to their credit score. Customers will now have even more confidence to switch their current account by knowing what accounts they will be eligible for and the overdraft they can take with them before applying.”
In the past year, the UK retail banking market has undergone major changes and part of the shift was the launch of a current account switching tool that made it significantly easier for consumers to change banks. While the major players including the LBG have not made notable moves to incent customers, this new tool might help cross-sell existing customers and pull in new customers.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
Read the full story here
