Gareth lodge, an analyst at Celent, said challenger banks will struggle to eat into the market share of the large traditional banks. “Inertia is a powerful force – many consumers will never swap banks, and likely use the one their parents helped them set up,” he said.

“Given they perceive banking to be free, and comparison websites focus solely on price, consumers will need to be convinced that they will get something better by swapping and experience alone will not be enough.”