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Viewing report
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UK Consumer Credit 2011: Current Account Portability
Datamonitor, Nov 2011, Pages: 15
The effort involved in switching current accounts has historically been seen as a barrier to competition in the retail banking markets. With regulators in several countries currently looking at banking competition, several solutions have been proposed to simplify the switching process and make it easier for customers to switch their providers.
Scope:
- Gauge the viability of several proposals to boost current account switching.
- Assess the impact of switching solutions, from full current account portability, to less complicated central repository models.
- Learn about how account portability has affected other non-FS markets, and what regulators are doing in other countries to tackle this issue.
Highlights:
- Customer propensity to switch current accounts varies widely across the globe, in spite of the simplified switching processes available in that country.
- Lessons from non-FS markets reveal that full current account number portability may not prove as effective in encouraging competition.
- However, a less costly, more streamlined switching process should aid competition in the current account market to an extent.<
Reasons to buy:
- Is current account portability a viable option in developed retail banking markets?
- What other proposals are out there to improve the switching process? How do they work?
- How have portability and other simplified switching initiatives impacted other non-FS markets?
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