Reserve Bank of India (RBI), the country’s central bank and regulator, has asked banks in the country to work towards implementing a system that allows users to port their account from one bank to another, without changing the account number.
The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
More than a million people switched their current account to a rival bank in the year leading up to July 2015, according to new figures published by UK payments system Bacs. The numbers represent only a minimal increase on the year before – undermining hopes that making switching easier would lead to dramatic improvements in the competitiveness of UK retail banks.
Several of the UK’s major banking brands are losing customers to rivals such as Spanish bank Santander and building society Nationwide, according to figures released by the UK Payments Council – while competitor bank Nationwide continues to add customers.
The big four high street banks lost ground in the current account market in the first year of the UK Payments Council’s current account switching service, mainly through poor customer service. But the guarantee did not accelerate the pace of account switching, according to an independent survey of bank customers.
As the UK Payments Council looks back on the first year of its current account switching service, numbers have risen but the change has been gradual and a disappointment to some. That could soon change as private banks make their move, according to senior financial services experts.
Just over one million UK consumers have switched their current accounts using the UK Payments Council’s seven-day switching service during its first year of life, according to new figures released this week – but some observers believe more change is needed.
Current account holders in the UK are switching between banks more often than before – but with some customers struggling to see the difference between banks, more needs to be done to make switching worthwhile.
More than half a million UK consumers have switched their current accounts since September, according to new figures released by the UK Payments Council. The figures have been described as positive, but market observers remain cautious over whether or not they can be sustained and whether the UK authorities are doing enough to promote innovation.
HSBC has lost more customers since the introduction of the UK’s account switching service than any other major retail bank, according to figures published by advisory firm TNS.
The number of UK consumers who switched their current account during the last month increased by 11% compared to the same period last year, giving hope to the UK Payments Council that its new seven-day account switching service which launched on 16 September may be beginning to work.
The UK Payments Council’s seven-day account switching service has been attacked as a “complete waste of time” by participants at a panel discussion in London on Wednesday – an allegation that was vigorously denied by representatives of the Council and the UK retail banking sector.
Experts are saying millions of people will abandon their old banks and switch to a new provider, following the introduction of new rules on 16 September designed to make it easier to change banks. But estimates vary widely, from single digits to tens of millions.
The UK Payments Council has set a date for the introduction of the seven-day account switching service, which will make it easier for UK customers to switch their bank.
The European Commission has published proposals designed to make it easier for European consumers to understand and compare the bank services they receive and switch bank accounts if they are not happy with their existing provider.
Banks in the UK and Ireland need to adjust to changing consumer behaviour as customers cut back on the amount of time they spend banking online and visiting bank branches, according to new research by Accenture.
Reforms to the UK’s retail banking industry will help bring greater competition and consumer choice – but more needs to be done, according to delegates at the Westminster Business Forum on the future of retail banking in London this week.
A majority of consumers would prefer portable bank account numbers to make switching between banks easier, according to a new YouGov poll conducted by BT – and the reasons may surprise advocates of Banking 2.0.
