Only 1 in 5 of account switchers succeeded in
opening an account and switching a standing order, according to a
survey conducted by GfK EU3C, the European Custom Research and
Coordination Centre of GfK, on behalf of the European
Commission.

The survey was performed across all 27 EU
countries, using mystery shoppers to monitor the effectiveness of
an account switching initiative from the European Banking Industry
Committee (EBIC).

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More than 900 enquiries were made, using
different communication channels (branch visit, on line, telephone)
as well as 400 effective attempts at switching bank account.

The main findings of the study included:

  • 81% of mystery shoppers had problems switching and identified
    the following weaknesses;
  • 71% of the banks would not assist in the transfer (therefore
    they were not following the procedures outlined in the Common
    Principles);
  • 7% of the banks did not open the account and/or switch the
    standing order within fourteen working days, and
  • 3% of the mystery shoppers found that the new bank refused to
    open a standard account. For example, shoppers were told they would
    set up their salary to pay into the new account, in order to open
    it.

Provision of information by the banks was also
perceived as an issue. 86% of mystery shoppers who enquired about a
switch either in-branch, online or by telephone did receive
information from at least one source, but the level of information
received varied widely.

More alarming was the finding that 14% of the
mystery shoppers received no information at all, with the study
revealing a low level of awareness about switching among bank
staff.

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