mail connected - current account switching service

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…


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%


Low resistance to switching…


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…


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…


Scheme will mitigate fears…


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


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%



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%


‘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 connected - current account switching service

Lifestyle