1.1 Preliminary Market Analysis
The UK banking industry has become well known over the turn of the last century for having adapted to and for having introduced innovative services to its consumers. It has done so by making use of technological developments that compliments the banking industry and by providing consumers with increased accessibility through user friendly interfaces (Data Monitor 2003). Before the global recession began to show signs of the soon to occur damage that was to take place, the UK banking industry was thriving on loans from the consumer loans sector which accounted for over half the market value that the banking industry held (Buckle and Thompson 2004). The UK banking industry enjoyed a positive global reputation before the recession.