uSwitch.com: Greater financial choice is good for consumers

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uSwitch.com: Greater financial choice is good for consumers

The increasing number of financial products offered by supermarket banks in the middle of the recession is something that is beneficial to consumers, it has been claimed.

Personal finance expert at switching and comparison service uSwitch.com Rumina Hassam said that the problems larger, more traditional banking firms have run into over the last year have allowed supermarket banks to gain a "foot in the door".

She added that this is a plus for the consumer, as "they can vote with their feet and move away from places they may have banked with in the past".

However, the expert warned, these organisations will try to entice their customers back in the future, thereby accelerating the competition between themselves and alternative financial services providers.

Ms Hassam's comments come after a YouGov poll commissioned by Marketing Week found that consumers are more likely to apply for a credit card with a bank than a supermarket, despite the events of the last year.

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