Consumers No Longer See Themselves Being Locked Into Current Accounts Forever
The Social Market Foundation report found a 17% fall in bank revenue from personal current accounts over the past eight years.
Today’s report is to be welcomed and shows how the idea that a bank account is for the long term has been challenged by consumers in the past number of years.
However, for far too long consumers have suffered because of complicated current account prices and the recent CMA report highlighted why now is the time for banks to help customers choose the best current account and service for them. As recommended by the CMA, releasing data for comparison purposes can only be beneficial for the industry and will encourage the big players to adopt a more customer-centric approach.
We believe that more and more people will switch their banking services to different providers when the differences in current account offers are made completely clear to them. With new banks coming to the market with more innovative and targeted offerings, the percentage of people switching services in the future will certainly increase.