Switching current accounts
‘Switching’ overview
• There is low resistance to switching among Mail readers; they are more
likely to have switched accounts, and they switch more frequently, than GB
pop
• 1.3m regular Mail readers say they are likely to switch current accounts in
the next 12 months (15% of readers). The scheme is more likely to make
them switch
• Newspapers are a key source of information on current accounts. Readers
are twice as likely to refer to newspapers than the GB pop. They expect to
see accounts promoted & they are more likely to act on advertising in
newspapers than the GB pop
Mail readers are financially savvy…
78% are in control of their
finances GB: 77%
56% are knowledgeable in
financial matters GB: 47%
Source: Mail Newspapers ‘Switching’ Survey, August 2013.
84% are interested in
financial matters GB: 72%
More likely to have switched…
63% have switched
accounts previously GB: 51%
26% have switched
two or more times GB: 22%
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
9.3m account switches
previously
Attracted to new providers…
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
34% dissatisfied with
previous provider
25% attracted by
current provider
32% a bit of both
Feeling that loyalty is not rewarded…
43% say you have to
move to get the
best deal
GB: 45%
28% have seen a
good deal with
another provider
GB: 31%
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
Low resistance to switching…
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
Only 29% say switching is a difficult
and complicated process GB: 34%
Only 27% say risks surrounding
switching outweigh the
benefits GB: 28%
High awareness of the switching scheme…
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
36% are aware of the
scheme
GB: 31%
64% are not aware of
the scheme
GB: 69%
…however, only 8% fully understand the
scheme and could explain it to others
Positive associations with the switching scheme…
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
Scheme will mitigate fears…
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
48% would worry about
mistakes being made
with ‘bills’ when switching GB: 54%
24% say switching regularly
impacts negatively on
your credit score GB: 23%
Scheme will have a positive impact on switching…
37% more likely to switch as a
result of the schemes
introduction
6% will wait and see
what others say
about the service
52% attitude to switching
won’t be affected
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
15% are likely to switch in the next 12 months,
1.3 million regular readers GB: 14%
Scheme is more likely to encourage ‘switching’…
Expect to see switching service promoted…
74% expect to see lots written
about the current account
switching service GB: 64%
76% expect to see lots of
advertising for the
current account
switching service GB: 67%
80% expect to see banks /
building societies
advertising their current
accounts GB: 74%
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
41% Financial sections in newspapers
GB: 22%
38% My bank/ building society website
GB: 36%
35% Advice from friends or family or
colleagues GB:41%
35% Advice from my bank/ building
society in person GB: 28%
34% Mails/emails/leaflets from my
bank/building society GB:25%
30% Financial or price comparison
websites GB:30%
Newspapers are a key source of information on current
accounts
Newspapers can influence customers choice…
50% say financial advertising in
newspapers / newspapers
section helps me to choose
which company to have
products with GB: 31%
68% say financial advertising in
newspapers / newspaper
section is useful for informing
me of deals and offers GB: 52%
Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
‘Switching’ overview
• There is low resistance to switching among Mail readers; they are more
likely to have switched accounts, and they switch more frequently, than GB
pop
• 1.3m regular Mail readers say they are likely to switch current accounts in
the next 12 months (15% of readers). The scheme is more likely to make
them switch
• Newspapers are a key source of information on current accounts. Readers
are twice as likely to refer to newspapers than the GB pop. They expect to
see accounts promoted & they are more likely to act on advertising in
newspapers than the GB pop