Transcribed

Five million likely to switch banks

New research by SAS UK & Ireland indicates that current account holders are likely to switch provider in the next 12 months as a result of new legislation on account switchingAll figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,404 adults of which 2,215 were current account holders. Fieldwork was undertaken between 2nd and 4th September 2013. The survey was carried out online. The figures have been weighted and are representative of all UK adults \(aged 18+\In the past, almost two in ve \(39%\ent account customers said that theyve refrained from switching as they considered it too time consumingThe onus is on banks to use their data to improve their services to retain existing customers and attract new ones, particularly the traditional high street banks, who still attract most switchers, whilst non-traditional banks focus on acquisition should be on customer benetsof the consumers polled said they would be keen to switch if their bank had failed to rectify a mistake that had personally aected themof those surveyed were unable to name a bank that they considered the best at providing customer serviceof UK current account holders either agree or strongly agree that the UKs banks are failing to improve customer serviceconsider better interest rates as the main reason they would switchconsider in branch banking to be a very or fairly important factor when switchingexpect competition to increase amongst banks What we are seeing is the commoditisation of current accounts now savvy consumers can scour the market for the package that best suits them. Banks will now have to work hard to differentiate their offerings, through enhanced customer service and targeted marketing. Banks can save themselves the cost of dealing with complaints, and retain valuable customers, by harnessing big data analytics that give them improved knowledge about their customers. If a bank has a complete profile of a customer it can create innovative products and offers that suit them.of those surveyed said that accurate data on themof consumers who switch current account provider would switch to a traditional provider90%61%of people who would switch to a non-traditional bank would do so to gain extra benets such as vouchers42%68%52%60%74%age groupage group~Five Million LIKELY TO SWITCH BANKSpeeaggeaupou24 gro8-2eg18gup4 ro24 g8-e%f 1ege%%%%%a%00%of 060660of60606%0%00%0%0%00000rgre ggge poupro5+ gupou+ r%55+rg%%geoaago%%%55%of4%7474%f 54%o4%7474oo%%%%%%%%%%%%%77cR8ϣVJDjU@ր_{v?ewH?, wm,Ơv^wэ ^1׉ &zVHwwHVVHwwHV$*BB*$$B*BBB*$|zGJX1&K%jrrzJamesD:20130912171336+01'00'PScript5.dll Version 5.2.2D:20130913085007+01'00'Acrobat Distiller 11.0 \(Windows\SAS 5Million Infographic v4.ai -Five Million LIKELY TO SWITCH BANKS New research by SAS UK & Ireland indicates that almost five million current account holders are likely to switch provider in the next 12 months as a result of new legislation on account switching A change is coming 39% In the past, almost two in five (39%) of UK cument account customers said that they've refrained from switching as they considered it too time consuming The customer service challenge 57% 1in4 49% of UK aurentaccount holders elther agree or strongly agree that the UK's banks are fallng to Improve customer service ofthose surveyed were unable to name a bank that they considered the best at provdding customer service of the consumers polled sald they would be keen to swith If theirbank had falled to rectifya mstake that had personally affected them Competitive advantage 60% 74% of 18 24 of 55+ age group age group 42% 68% 52% consider In branch banldng to be a very or falrly Important factor when switching condder better Interest expect compedtlon to Incrense amongst banks rates as the maln reason they would swlch The opportunity The onus is on banks to use theirdata to improve their services to retain existing customers and attract new ones, particularly the traditional high street banks, who still attract most switchers, whist non-traditional banks' focus on acquisition should be on customer benefits 61% 53% of those surveyed sald that they think their bank holds accurate data on them of consumers who switch curentaccount provlder would swltch to a tradldonal provider of people who would switch to a non-tradidonal bank would do so to galn extra benefits such as vouchers What we are seeing is the commoditisation of current accounts now savvy consumers can scour the market for the package that best suits them. Banks will now have to work hard to differentiate their offerings, through enhanced customer service and targeted marketing. Banks can save themselves the cost of dealing with complaints, and retain valuable customers, by harnessing big data analytics that give them improved knowledge about their customers. If a bank has a complete profile of a customer it can create innovative products and offers that suit them. Nick Payne, retail banking 2 consultant, SAS UK & Ireland Al figurs, unless otherwlse stated, aạ from YouGov Ac. Tatal sample sta ws 2404 atults of whch 2,215 were cuant acountholders Reiwork was udariaken batween 2nd and 4th September 201a Thesurvey was carlad qutonline The fgues have been welghtadandarenpresentative of all UKadults ad 18+). Ssas THE POWER TO KNOW.