HSBC set to reboot First Direct

City A.M.'s columnist Mark Kleinman has reported that HSBC will relaunch its First Direct online bank as new rules are introduced to make it easier to switch banks.

I understand that HSBC, which launched First Direct in 1989, plans to target younger consumers with a revamp of First Direct that will position it as 'the non-banky bank', according to insiders who have been briefed on a new marketing campaign which is scheduled to launch in May.

(Sky News)

Presently savers don't tend to switch bank accounts often. The process is often sluggish and many will only switch as a last resort, perhaps when facing poor customer service. First Direct is an operation focused on providing good customer service as a unique selling point and could pick up custom as the market is made more flexible.