Pay.UK has published its report on how the Covid-19 pandemic has affected switching attitudes and behaviours in the UK.
The report explains that research commissioned by the Current Account Switch Service (CASS) suggests that the impact of the pandemic on switching bank accounts has led to more people feeling financially vulnerable. The research also suggests that financially vulnerable people and some SMEs think switching could be risky and that these consumers and businesses would benefit from more targeted information and support to overcome negative associations with switching.
However, whilst there has been a significant drop in switching since the start of the pandemic, the findings show that attitudes towards CASS and the switching process are generally positive.
The report also highlights consumer drivers for switching – most consumers are motivated to switch by:
- a reward (76%)
- a cashback offer (70%)
- better interest rates (68%)
- better product deals (57%)
- the ease of switching and the prospect of better customer service (57%)