One mid-size insurance company which had 600 reports looked at the way BasisPoint works and concluded it could get by with just 30 reports, all of which were already in Pendo, since the rest of the information was always available by query rather than requiring IT to run a report.

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All inquiries concluded that there was a lack of competition in the provision of personal banking services, which made the charging structure difficult for customers to understand and switching accounts an uncertain process.

BBC: OFT warns banks to change or face competition probe