Post Office to become even more unpopular as it turns itself into a bank
The Post Office is going to turn itself into a bank because no-one sends letters anymore! Of course, everyone hates banks at the minute which means they'll join a chorus of hate or they'll try and become a friendly face amongst the ogres.
They'll be introducing a small number of branches in the next couple of weeks and they have their work cut out for them. New entrants have struggled to worry the big five, thanks to the economic crisis, a lack of consumer confidence and regulatory restrictions.
However, the Post Office already have financial services and partnerships and a large branch network, so they may just have a leg-up on others who have thus far failed to make an impact on the financial world. There have been changes which will make it much easier for people to switch current accounts, which will come into play in September, which may also work in the Post Office's favour.
Nick Kennett, director of financial services at Post Office said: "The introduction of the Post Office current account is the logical next step towards meeting the needs of our customers and becoming one of the key players in the financial services market."
"We have been offering financial services for over 10 years and our announcement today means we will now offer everything from travel money to mortgages. The launch of the current account is part of our plans to improve customer experience and develop new products to bring in new business as we continue to build a profitable and modern network."
If you're interested, you can go and register your intent at the Post Office's website.