Current account switching falls over past year
27 January 2012 15:56:30
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| Fewer people are switching bank accounts. |
Accenture's survey of almost 4,000 bank account customers in the UK and Ireland found that customer satisfaction with levels of service in retail banking has improved over the past 12 months.
The proportion of people in Great Britain who are satisfied with their bank has risen from 56% to 60% during that time, while the number making complaints has fallen from 17% to 13%.
However, just 47% of respondents said they would recommend their bank account to family members and friends.
Just 11% of survey participants said they had recently switched a product from their existing bank, compared with 16% a year ago, while 6% had changed their bank account.
Of these, 75% said they were pleased to have switched, although 23% experienced problems with the switching process.
Peter Kirk, who authored the research, said: "With nearly a quarter of those switching their current account still experiencing problems, the industry certainly needs to tackle the shortcomings in the system to create fluidity in the market."
A proposed new bank account switching service is due to launch in September 2013, reducing the amount of time it takes to move accounts to just seven working days.
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