The UK Banking industry is the most advanced and the largest in Europe and is ranked fourth in the world. This industry comprises of banks and building societies which are collectively referred to as monetary financial institutions (MFI). The banking industry is a critical sector in UK not only due to financial transactions but because it is a major employer in the economy. One in every fourteen people is employed in the banking sector. The industry is dominated by five major banks which collectively control more than 70% of the market (Iannotta, Nocera & Sironi 2007). These larger banks are Lloyds Group 27.78%, Barclays 18.52%, Royal Bank of Scotland (RBS) 18.52% and HSBC 12.35% (Uzkurt et al. 2013). The rest of the market is shared among other smaller banks which serve different segments of the population.