There are around 300 banks in the UK and 45 building societies that have made it the biggest banking system all over Europe and also fourth largest all over the world. There are different branches of the UK banking system that is High Street banks, Business banks, and Investment banking services. However, the top Brands in the UK are HSBC Holdings – The largest bank in the UK and employs around 90000 employs. It has 964 branches all over the UK. Barclay’s PLC- The bank provides various services and employs around 12000 staff all over the world. Royal Bank of Scotland- This bank too employs a large number of people and thus competes with HSBC in providing great services to the consumers.
The most popular banks that provide credit card services as well as loans in the UK and used people are Barclaycard, Capital one, Tesco Bank, Virgin Money, American Express, Santander, Sainsbury Bank, HSBC, Halifax, Lloyds Bank, and NatWest bank. These banks provide different credit card types to their customers based on their needs. There are different offers on credit cards that a person can enjoy. The credit cards provide discounts and offer on movie tickets, restaurants, spas, and shopping outlets that are additional benefits to taking a loan against these credit cards. The above-listed bank provides attractive interest rates on loans and the process is also much easier that attracts customers to avail loans.
In an economy, the banks are those pillars that support the economy and have the ability to survive and support the businesses. The Banks not only support in financial terms but also provide advice and guidance related to the business so that the business can survive. Banks also ensure that businesses are in a good financial position and therefore take care of the assets and liabilities of the business. Banks may also help the business to identify their future opportunities and finance the requirements that are needed by the business to do so. The banks regulate payments that are made in huge for various business deals and also foreign transfers. Thus banks play a major role in helping the business to survive and operate. Banks also play a major role in the economy of any country as they act reserves for the cash and assets of any country. Various rates are regulated by the banks to flourish business in the country and develop a stable economy that helps the economy to trade with other countries. Banks also play a major role in the everyday lives of common people. Traditionally banks were used to deposit money and save money in the bank accounts of the individuals provided by the bank and also for making fixed deposits but with growing technology banks have stated dealing with various payment-related activities like paying the bill of individuals, facilitating online services for the ease of payments and also introducing features like net banking and online payments that have made banking as well as payments easier for the people. Thus though these years banking has changed a lot and developed in such ways that has made the life of people much easier and hey can control all their activities with their smartphones.