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Case Study - First Direct Ben Beath - 1207 8263 EXTERNAL ANALYSIS The Market First Direct competes in the financial services market in the UK. Financial services offered range from traditional retail banking to mortgages, life insurance and investments. Market Growth Direct banking is growing at a tremendous rate, particularly as the traditional banking institutions adopt the service in an effort to realise cost savings by reducing overhead-laden retail activities. First Direct is adding approximately 75,000 new customers per annum (excluding acquisitions). Key Trends Throughout the 1980's, the entire UK retail banking sector suffered poor reputations for service. With the market offering two extremes - retail banking that had become stagnant in a supply-driven business, and private banking that offered exceptional services but at a price - the market was exposed for the introduction of a new service that lay somewhere between the two, and took advantage of rapid technological developments and changing consumer preferences. Thus, direct...

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