Consumers demand easier way of switching banks

As banks strive to meet a regulation to make it easier for consumers to switch accounts, research shows there is an appetite for it in Europe

As UK banks strive to meet a regulation to make it easier for consumers to switch bank accounts, research shows that there is an appetite for this across Europe.

Government regulation has stated that UK bank customers should be able to switch bank accounts in seven days by September this year.

Meanwhile, a BT-sponsored YouGov study revealed that 62% of UK bank customers would welcome an easier way to change banks. The research, of over 6,500 people in six countries worldwide, asked whether consumers thought a portable identity number (PIN) that allows them to switch accounts quickly is a good idea.

While 63% of UK respondents said yes, in Spain 76% agreed, 64% in France and 61% in Germany.

Consumers are calling for online tools including the ability to review banks and share the information and others called for webchat.

“There is clearly an appetite for technology and services which help increase transparency and competition, such as number portability and richer online comparison tools,” said Tom Regent, president, global banking and financial markets, BT Global Services. 

“But there is also a significant level of apprehension around the creation of a shared banking infrastructure.  With any new solution that the industry moves forward with, they will need to be mindful that consumers need reassurance around security and protection of their data.”

Earlier YouGov research revealed that 14 million people are prepared to change bank accounts when the new seven-day rule comes into force later this year.



Read more on Financial applications