Five million likely to switch banks

SAS UK & Ireland research into how many UK current account holders will switch banks over the next 12 months




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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?<??;e7{}.tׇ9=C{'-}3R<(,3QEi3qiiim7EaO74DU8PVpuHww!aXcYYs}|;JsJY:۱L4E$SSi;iZQ9,:8Y͎ɴסre<HXZ<،ڪUWP`cSx@Zóv``bAàev=kw|%KpA'6 =ShUl4|`ZjΝô8*T@/KXzivxww4Z4ZJ;|iO[!";}zzvzEvOрw'Zܽ8BsY@% ;I'c@_dRz7,uv^w^,w  >, wm,Ơv^wэ ^1׉ &zVHwwHVVHwwHV$*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