In Q3 2013, TNS UK began a major research programme on the market for current accounts. The background to the research was:
- The government’s expressed desire to encourage more choice in personal and small business banking
- The ambitions of a number of non-traditional banks to develop current accounts to grow their market share
- The arrival of new entrants in the overall banking market.
In a series of studies, the drivers of loyalty, retention and defection were examined and opportunities and vulnerabilities identified. A picture of likely winners and losers began to emerge.
This gave a robust foundation for the exploration of what happened when the Payments Council Switch Guarantee was launched. Backed by the government, this guarantees hassle-free switching within seven daysfor current account holders.
For more information view the methodology.