News & Views - Savantor

New year initiatives

Monday, 19 January 2009

The New Year starts with a generally gloomy outlook for jobs in the financial industry but with banks generally reluctant to spend in the current environment there are some encouraging signs of new initiatives. Barclays have gone for broke with contactless on their debit portfolio although the benefit to consumers is still a bit wooly. No one seems to be talking about issues like statements and if there is full disclosure of transactions just how big are the paper statements going to be? Maybe Barclays should focus on the health aspects with a flu epidemic hitting the UK less handling of paper money would improve your chances of avoiding the bug!

Figures from Barclaycard showed that across December, there was an increase of 4.7% in the amount of transactions processed compared to the same period the previous year. Shoppers continued to spend on debit and credit cards between Christmas Day and New Year with the volume of transactions increasing 8.8% compared to the same period in December 2007. However, the average transaction in December 2008 was £47.98, compared to £48.61 in 2007.

Alliance & Leicester is urging people to start the New Year with a financial boost, by offering £100 to those who switch to Alliance & Leicester. New customers switching to Alliance & Leicester's Premier or Premier 50 current accounts will receive a £100 boost and can apply online, by telephone or in a branch. This is somewhat tempered by the news that A&L is pulling out of the pre paid market but at least it isn’t all bad news.

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