UK consumers not so eager to switch banking services providers – report

The research, which was commissioned by PricewaterhouseCoopers and conducted by Opinium Research in December 2009, has revealed that to date, the ongoing financial crisis has had relatively little impact on the likelihood of UK retail banking customers changing banks. Thus, 10 percent of those surveyed have already moved as a direct result of the financial crisis but a further 21 percent were revealed to be considering moving from their current banking providers in the new year.

The poll has revealed that, of the 21 percent seeking to change banks in 2010, 36 percent would consider moving their accounts to the high street banks that have not received government investment. Building societies attracted 19 percent of respondents considering a move.

After a year or more in which banks have been subject to intense criticism, we might have expected a stronger desire among bank customers to change provider. Although the vast majority of customers are staying with their current bank results show that we will see more movement in the retail banking market through 2010 which could build momentum for further switching comments Steve Davies, retail banking partner, PricewaterhouseCoopers.