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With the International Monetary Fund claiming that British banks have 60% of their expected credit right-downs still to unravel, the opportunity for newcomers to the sector looks ever more attractive.

So it's worth noting the contributions to the Holyrood inquiry into the way ahead for Scottish finance.

We already know about Tesco Personal Finance, headquartered in Edinburgh and hiring hundreds in Glasgow.

But what about Virgin Money, which recently opened an office in Edinburgh, and announced in June that it wanted to recruit at least 100 staff to set up a mortgage operation in the Scottish capital?

Fourteen years after starting out, it already has more than two million customers across insurance, savings, credit cards and pensions? Mortgages, current accounts and a full banking licence are expected to follow.

According to Virgin Money's chief executive, Jayne-Ann Gadhia, there's quite a bit of work going in to expanding its reach, not least in market research. What Virgin has in common with Tesco is the drive for product simplicity.

In evidence to the economy, energy and tourism committee at the Scottish Parliament, she says: "Virgin Money, like all Virgin businesses, places a strong emphasis on bringing simplicity to a traditionally complex sector.

"We apply a philosophy of making everyone better off by the way we do business by offering good value to customers, making a positive contribution to society and delivering a fair profit.

"Our aspiration is to develop a sustainable, savings-based institution based at its core on matching assets and liabilities."

The 48-year old English Midlander led the unsuccessful attempt by Virgin to take on Northern Rock two years ago, having been head of consumer finance for the Royal Bank of Scotland, just before being recruited by Sir Richard Branson.

She goes on: "There is clear demand for brands such as Virgin to enter the banking market".

And this is where it gets most interesting: "Research we commissioned recently shows that consumer awareness of the Virgin Money brand is now on a par with major UK financial institutions.

"It also suggests that we would be a trusted deposit-taking institution, to whom a significant number of consumers would also be prepared to transfer their mortgages."

The industry is at a turning point, says Gadhia. And following "a serious loss of confidence in financial services providers, particularly the established banks... it is essential that trust is re-established at the heart of the relationship between banks and the wider community".

Barclays Bank is also dropping heavy hints about expansion into the Scottish market.

It has 1,700 branches throughout the UK, but only 23 in Scotland.

A new flagship branch was opened in Glasgow in July last year, and according to its submission to the Holyrood inquiry, Barclays wants to build on a base that emphasises oil and gas and public infrastructure funding, with 1,000 employed in wealth management in Edinburgh, and its stockbroking arm in Glasgow.

"Barclays Commercial is committed to growth within Scotland and is currently expanding its capability to ensure it continues to provide a service to its existing and potential clients in Scotland," says the London-based giant.

"Whilst Barclays focus in the UK has traditionally been in England and Wales, Barclays has been growing its business in Scotland, particularly its commercial business, and believes that it has much to offer to Scottish consumers."

Interesting changes ahead on the financial high street and its online equivalent.