Banking and Biscuits (for your dog)

Back in February 2009, we were informed of a letting to a company called Metro Bank. It took the entire 21,000 sq ft first floor of 1 Southampton Row, WC1, on a sixteen-year lease and was reported to be paying £60 per sq ft.

For months we wondered, "Where is this bank from?" and more importantly, "Who opens a new bank in the middle of a recession?" But over a year on, following a lengthy approval process with the Financial Services Authority and a refurbishment of over £2m, this British investment-backed bank is set to open the doors to its first branch on 29th July. Metro Bank hopes to bring some unique touches to the process of banking; sparkly customer toilets, free coin-counting machines and exactly what everyone needs when banking, biscuits for your dog. The branch will be open from 8am until 8pm and also at weekends and it's said that cashiers will not sit behind security screens.

Three more stores are planned for Earl's Court, Borehamwood and Fulham Broadway but the bank will have some way to go if it is to attract new customers. It is certainly not easy to switch to a different bank, but the bank's chairman Anthony Thomson told the BBC, "Consumers don't need convincing. There's a huge pent-up demand for better service. Banking has been a cosy oligolpoly for too long. People will vote with their feet." However, reports that interest rates will not be as competitive may outweigh the customer-focused approach that the bank will take.