Let’s have more of them. Competition is at the heart of good governance. A new bank forces us all to re-examine our credentials, our levels of service, our standards, and our performance in this highly competitive and unforgiving world.
I heard recently of a case where someone wanted to open a new account with a large sum of money – one established bank proposed one week to complete the procedures to do so while a new bank, just a couple of yards up the road, did it on the spot within five minutes. Such is the nature of the market – continued renewal.