Current Account switching research 2022
Summary
CCPC research on account switching finds low awareness of the Switching Code, ongoing payment transfer issues and growing interest in online-only banks.Publication details
- Publication date:19 July 2022
- Industry:Financial and insurance services - L
- NACE code:Financial services (non-insurance) - L.64
Documents
Research report current account switchingPDF | 1553 KBResearch report current account switching PDF | 1553 KB - Opens in new window
The Competition and Consumer Protection Commission (CCPC) commissioned Ipsos MRBI to conduct research in June 2022 to understand attitudes towards switching and experiences of switching in advance of Ulster Bank and KBC exiting the Irish market.
Summary findings include:
- While most customers intend to switch their account (rather than just letting it close), roughly a third haven’t yet decided on which bank they will switch to. Despite this, most expect to have completed the switch within the next 2 months.
- Awareness and intended usage of the Switching Code is quite low, with most expecting to conduct the switch themselves. Many are also reporting problems moving direct debits and other payments between banks which the Switching Code is intended to make easier.
- Further potential for issues exists through most having multiple products with their provider – particularly savings, credit cards and mortgages.
- Over a quarter would consider an online-only provider indicating the potential for these types of providers in the Irish market.
