Following the comments by Bank of England Director Andrew Haldane which challenged the hegemony of the traditional banking industry in the UK several Crowdfunding leaders voiced their support in CityAM for his comments;
“pretty strong evidence that we are becoming a major threat”, and that “our biggest competitors, the banks, are in a weak position”.
…Stated Zopa founder Giles Andrew. He continued the chastising;
“Even if they weren’t doing things that damaged their reputation, they’ve forgotten the consumer is at the heart of their business. We could easily have 10 per cent of that market,” Andrews said.
Neil Hungerford, CEO of Investment Manager Nutmeg piled on with;
“Every segment of the banking world is being sliced out by each company that’s doing each niche better,” Hungerford said. “Each bit of clothing is being stripped off and they’ll be left with nothing on. Until they can adapt to that they’re going to be struggling.
Ouch. It would appear that UK banks are a bit of a target these days..