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.
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.