If they’re unhappy with service, Brits are most likely to vote with their feet when it comes to their electricity and gas provider, followed by their TV/internet provider and mobile phone provider.
According to the latest research from Equifax, only 22% of people would switch their bank account, and the figure is even lower for other financial services such as credit cards and mortgages.
General consensus is that younger people are less loyal to brands than more mature consumers, but the survey, conducted online with Opinium, found this varies across services. While Brits aged 18-34 are much more likely to switch their gym service or digital media subscriptions than older consumers, they’re less likely to change their bank or credit card provider compared with those aged 35+:
|Service||Likelihood of switching|
|18-34 year olds||35-54 year olds||Aged 55+|
|Bank account provider||18%||22%||26%|
|Credit card provider||8%||15%||16%|
|Digital media subscription (i.e. Netflix, Amazon Prime, Spotify etc.)||21%||15%||10%|
Robert McKechnie, Open Banking expert at Equifax, said: “In an age of greater banking transparency and with some attractive incentives available for switching accounts, consumers should be ready to take action if they feel their banking experience isn’t up to scratch. The inertia among consumers indicates many people think banking services are all the same, but with the rise of Open Banking and challenger banks, there is genuine competition in the sector. Exciting new tools that help manage your money bring definite benefits, and it pays to invest some time to assess the market.”