Consumers are unlikely to switch accounts unless “they suffer”

Despite an awareness of the benefits of switching bank accounts, consumers are reluctant to take advantage of what this move will bring, one financial expert has claimed.

According to moneysupermarket.com, the majority of providers in the UK want consumers to come in on a service proposition, not a price proposition.

This tends to be a less tangible, lightweight offer to spenders as it merely says ‘we have better services’, said the financial advisers.

Kevin Mountford, head of savings and current accounts at Moneysupermarket.com, said that there is an awareness of the benefits of moving accounts.

“However, it does not seem that people have the impetus or the appetite to do so unless they suffer and gets a poor service from their provider,” he continued.

Of those surveyed by the Watchdog, 46.8 per cent did not think they should be charged for going over their overdraft limit without authorisation, while 28.2 per cent felt that it was difficult to get a complaint with their bank resolved.

Tags: service proposition, advantage, overdraft, bank account, watchdog, bank, Driving, service