Consumers and Retail Banking - UK - September 2017
“People who are considering switching banks are the most likely to opt in to sharing their financial data with third parties. This suggests that upcoming Open Banking regulations may help to boost competition in the retail banking sector, as those in the market for a new provider could be won over by personalised deals and a streamlined application process.
However, the implementation of Open Banking is unlikely to suddenly lead to a flurry of switching activity, with only 6% of current account holders saying they are ‘very likely’ to move banks in the next year.”
– Paul Davies, Senior Financial Services Analyst
This report looks at the following areas:
Switching bank: more hassle than it’s worth?
It’s not all about the money
The changing role of the bank