Switching current accounts

Transcription

1 Switching current accounts

2 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

3 Mail readers are financially savvy 78% are in control of their finances GB: 77% 84% are interested in financial matters GB: 72% 56% are knowledgeable in financial matters GB: 47% Source: Mail Newspapers Switching Survey, August 2013.

4 More likely to have switched 63% have switched accounts previously GB: 51% 9.3m account switches previously 26% have switched two or more times GB: 22%

5 Attracted to new providers 34% dissatisfied with previous provider 32% a bit of both 25% attracted by current provider

6 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%

7 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%

8 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

9 Positive associations with the switching scheme

10 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%

11 Scheme will have a positive impact on switching 15% are likely to switch in the next 12 months, 1.3 million regular readers GB: 14% Scheme is more likely to encourage switching 37% more likely to switch as a result of the schemes introduction 52% attitude to switching won t be affected 6% will wait and see what others say about the service

12 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%

13 Newspapers are a key source of information on current accounts 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/ s/leaflets from my bank/building society GB:25% 30% Financial or price comparison websites GB:30%

14 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%

15 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