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SixthSense™

Current Accounts 2012
£2500

Content
  • Introduction & ScopeToggle
    • Report coverage
    • Definitions
    • Methodology
    • Abbreviations
  • Report SummaryToggle
    • Over 50 million adults own current accounts
    • Over nine in ten own an account
    • Accounts seen as utility products
    • Switching accounts: awareness/advice
    • Switching process: choose/buy
    • Switching process: execute
    • Account access and management
    • Bank charges
    • Providers
    • Rating of providers
  • The Customer Base: Large and StableToggle
    • Banking loss leaders
    • Account ownership rises but remains anchored to standard accounts
    • Packaged accounts struggling to break through
    • Over 770,000 unbanked
    • The young go it alone, the old do it together
    • Banking intensity
  • Attitudes to Current AccountsToggle
    • Current accounts are utility products
    • Five views
    • Current accounts fail or offer good value
    • Four types of consumer
  • Switching Process: Awareness/AdviceToggle
    • Very infrequent cycle of searching
    • Because there is no point in looking
    • The Prisoners and the Fruitless
    • Two approaches to increase product searching
    • Information sources consulted
    • Those who search the most use price comparison sites
  • Switching Process: Choose/BuyToggle
    • Bits and bedside manner drive perceptions of value
    • Technology and service drive the core market
    • Easier switching will also increase competitiveness
    • Only one in ten have switched in the past two years
    • Sunk costs
    • Will new rules increase competition?
    • Utility switching will free the market
    • Working age adults most likely to jump ship
    • Why switch?
    • Why not switch?
  • Switching Process: ExecutionToggle
    • Mid income groups lead the switching process
    • Open Prisoners lead switching action
    • Switching activity on the up
    • Disappointment motivates account switching
  • Account Access and ManagementToggle
    • Clicks and bricks dominate the customer relationship
    • Accountholders often mix and match
    • People, not computers, solve problems
    • But those banking online show a liking for electronic contact
    • While ‘human’ bankers like the human touch
    • More online communication but at a cost?
  • Bank ChargesToggle
    • The problem of asymmetric information
    • What are banks justified in charging for?
    • Fees are seen as unfair
    • Three fee types
    • Four charge groups
    • Only one in five have paid fees
    • Charges or fees?
    • Ring-fencing could spell the end of free banking
  • Provider PositioningToggle
    • A competitive market?
    • No change at the top
    • Lack of competition extends across all markets
    • But are there signs of a change?
    • Co-op and Virgin stir things up a bit
    • Santander vulnerable
    • Banks get high absolute marks…
    • But it’s the relative assessment that counts
    • Lack of differentiation between suppliers
  • The Market Today Toggle
    • Over 50 million adults own current accounts
    • Almost 70 million accounts
    • £1 trillion held in bank accounts
  • Further Analysis
  • Downloads Toggle
    • Report PDF
    • Datasheet
    • Questionnaire
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