Commenting on the latest current account switching data, revealing that the number of consumers switching bank accounts dropped 11% in 2015, Richard Neudegg, Head of Regulation athttps://www.uswitch.com/banking/>**Uswitch.com****, says**: “These figures show customer apathy towards current account switching remains entrenched. A quicker, more efficient switch alone is not enough to encourage customers to change banks or to improve competition.
“Despite 2015 seeing some of the best financial incentives for switchers, many still struggle to see the value in switching. The banks need to up their game and do more to help their customers understand their current account usage by prompting them with clear information. Shining a light on the true cost of current accounts and the available alternatives could galvanise more consumers to find out if they really have the best account for their specific needs.
“We need to see the Competition and Markets Authority find a way to motivate the banking sector to improve customer service and product innovation through their retail market investigation.”
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About Uswitch
Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
Uswitch is part of RVU, a new business that also owns Money.co.uk and Bankrate.
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