Yet Anthony Thomson, chief executive of the Financial Services Forum marketing advisory service, believes that there is an opportunity in the UK market, and has teamed up with US banking mogul Vernon Hill to launch Metro Bank, a chain of boutique-style banks, starting in the Greater London area.
Based on Hill's previous experience, the pair might be on to something. In 2001, when the global economy was last faltering, Hill opened a series of Metro Banks in New York. Despite the economic uncertainty following the 11 September terrorist attacks, the project was a success, and the chain was bought by Toronto-Dominion Bank last year for £4.25bn.
Sources close to Metro Bank say they are looking to provide a more bespoke 'retail experience' than other high-street brands. Starting with four key branches and building up to 200 within a decade, Metro Bank aims to open from 7.30am-8pm Monday-Saturday, and 10am-4pm on Sunday.
Through an initially small amount of advertising and PR activity, the brand will target those willing to pay a small premium for higher-quality service, as well as customers of challenger brands such as Virgin Atlantic. Ultimately, its market is the 3m consumers who, according to a recent report by the Office of Fair Trading, are dissatisfied with their current bank.
So what does the industry think? Alan Gilmour, one-time marketing director at TSB and now at Landsbanki, agrees some consumers are looking for something different. 'High-street banks have become very me-too. Something that comes in and can cut through, in terms of attitude and functionality, stands every chance of success,' he says.
Nationwide's head of brand strategy, Peter Gandolfi, agrees. 'There are plenty of higher-end customers after a more bespoke offering, but it will totally come down to customer service. And customers still want to be able to do things quickly online and by phone.'
The financial services industry has seen limited innovation in recent years: in the late 80s, HSBC rolled out the first telephone bank, First Direct, while internet-only bank Egg launched in 1998. Industry observers say the banking sector is in need of a shake-up. 'Egg was exciting and fresh, and the financial services industry is not full of people with fresh ideas,' says Tangible Financial managing director Paul Gordon. 'The challenge will be to build something that people like, but also a business that will be profitable.'
Fulfilling those criteria is an obvious challenge, but Tom Knox, deputy chairman of DLKW, is not convinced that self-proclaimed customer service quality and innovative opening hours will generate enough interest in the market. 'Most high-street banks are now opening with significantly more flexible hours, so I don't think that will make a big dent,' he says.
Knox, who has worked on the Halifax account since 2000, questions the numbers ready to swap banks. 'I think 3m is massively over-stating the switching market,' he says. 'I just don't think that there's a particularly compelling gap in the market.'
As intriguing as Metro Bank appears on a marketing level, the business will be judged on the number of deposits it can secure over its first two or three years of business. The real challenge will be for it to convince apathetic consumers to change banks - without compromising on its promise of quality service.