Bank customers don't like switching their current accounts to new competitors.
Small banks are struggling due to a customer unwillingness to move their accounts from established firms.
New banks are finding it difficult to grow due to the reluctance of consumers to change their bank accounts from their traditional providers, according to a review by the Office of Fair Trading.
The survey outlined a number of challenges to prospective entrants to the banking market. Customer loyalty to established brands and the consumer preference to bank with a local branch were two of the main issues that have made it difficult for start-up banks to attract new users.