There are around 147 million debit and credit cards in issue. These Banks are processing with excess of four million standing orders and direct debits each year, operating more than 9000 branches, processing 775 million cheeses and the value of 1 1. 2 million mortgages has worth above 1. 2 trillion. 2. 2 Significant Issues Facing the Industry The UK Banking industry has faced a radical shift with market liberation’s through resulting competition and deregulate. Takeovers and mergers was also the other transformational shift in UK banking industry.
In 2011 the UK banking sector was expected that borrowing costs will face pressure from government and private companies. The I-J Banks will have to cut down their activities and adapt to the changing conditions. The Total UK based banks have declined from 400 banks to less than 100 and the financial power and average size of banks have increased. The Building societies which accounts for 20% of mortgages and personal deposits have also decline in the country. The I-J banks are spending highly in IT sector.
The speedy expansion of E-Banking is the biggest driving force for developments in I-J Banks. The UK citizens are getting access to call centers, ATM and Internet. 3. 0 Conclusions and Recommendations In collective, the Balance sheets of I-J Banks are higher than 500% of the yearly UK annual UK GAP. In the period of acquisitions and mergers, the competition among the Banks is severe. In order to compete successfully, I-J banks will have to invest in Technology and develop core solutions.