“Making it simpler to switch banks means it will be easier for people to vote with their feet but this alone is not enough to transform competition in banking. While new incentives from the banks look tempting, consumers shouldn’t let this be the sole basis of their decision because switching to the wrong account could cost far more in the long run. Banks should make it simple to compare current accounts so people can pick the one that’s right for them.”
Which? will be monitoring the new 7 working day switching process and has developed seven tests to assess how it is working for customers:
Willing – are more people switching?
Innovation – has it led to new products and service?
Trust – do people have more confidence in the switching process?
Competition – is this shaking up the market?
Hassle-free – what happens when things go wrong?
? – did people get a better deal and are they happy with their provider?