Metro Bank, Britain's first new High Street retail bank in more than 100 years, opened its doors in London on Thursday, promising to revolutionize Brits’ banking experience.

The new bank has promised longer opening hours, service beyond compare and a simple range of products that will suit everyone.

All the branches of Metro Bank will remain open from 8am to 8pm from Monday to Friday, from 8am to 6pm on Saturday and from 11am to 4pm on Sunday. The bank will close on just four days of the year, viz. the Christmas Day, New Year's Day, Good Friday and Easter Sunday.

It also promises that customers will be able to open an account in any one of its branches in just 15 minutes, including obtaining a credit or debit card.

However, analysts said that not a single product of the bank is competitive enough to make it on to the best buys tables. Moreover, many products are offering below the industry average.

Speaking on the topic, Michelle Slade from Moneyfacts said, "If they have not got at least a reasonable rate of interest, people will discount them and they are going to struggle to get market share."

The banking group was co-founded by Anthony Thomson, the chairman of the Financial Services Forum, and US billionaire Vernon Hill.