A week after its launch, early indications suggest that a new system designed to make it easier and quicker for Brits to switch their current account from one bank to another is proving popular.
I'd love it to be true. But the fact they are only quoting %s of increase, not actual numbers, makes me wonder whether the actual number isn't that big (against the total customer base).
Nationwide would see itself as a virtuous alternative to the large retail banks - and therefore a net winner from these changes. More interesting is how it affects churn among the major banks. It might be that there are many more movers but relatively little
net change among the banks.
The Payments Council has given us some
numbers today: 35,000 have started the process of switching since launch.
Confidential at this stageSingapore or Hong Kong
© Finextra Research 2013