CCPC Switching Research (Phase 2)
The Competition and Consumer Protection Commission (CCPC) commissioned Ipsos MRBI to conduct research in September 2022 to gain further insight into how Irish adults are progressing with the process of switching banking providers in light of Ulster Bank and KBC exiting the market.
The respondents surveyed had an open current account with Ulster Bank or KBC, or had closed a current account with one of these banks in the last 6 months.
Summary findings include:
- 60% of customers responded that they have experienced challenges during the switching process with 29% saying they continue to have problems with switching direct debits and transferring payments to their new bank.
- of customers with a main Ulster Bank or KBC current account, 52% have already opened an account with another provider. Almost two-thirds of Ulster Bank customers who plan on switching expect to have done so within the next month.
- 1 in 8 people surveyed have still to decide on a new bank to switch to, compared to 1 in 4 surveyed in July. However, 73% said they would not consider an online-only banking option, with just under 25% responding that they would still consider this an option.
- Ulster Bank or KBC main account customers are more likely to switch banking provider, with 89% planning on doing so, compared with 61% of those for whom it is not their primary account.
- of those surveyed who have already switched provider, 28% cited that having a local bank branch was a key reason in their decision making, with 49% of those age over 65 responding that this was an important reason for them. Along with this, 26% of people said having a previous or existing relationship with their bank was also an important aspect in their decision making.
The CCPC has published a suite of helpful information on the current account switching process and is encouraging consumers to visit its Switching Hub at moving bank for advice, top tips and essential information.
Attachments:
CCPC Current Account Switching Wave 2 final
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