Trying to increase stickiness isn’t worth it

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1 February 2016


  • Dan - fascinating data. I'm curious to know if the Challenger banks (or other competitors with retooled value propositions) are making any headway in capturing core deposit share without customers actually switching primary accounts. In other words are customers simply opening new accounts and letting their old accounts dwindle? My guess would be not enough to move meaningful market share but it would be interesting to test. It would also be interesting to see if small businesses switch more frequently or less than consumers if that data is available.

    Thanks for posting.

  • Thanks, Kevin. The UK has a great deal of data and the reports from regulators go into some detail on the sub-types of switching. In the Personal Current Accounts Market Study Update, pages 83-91 have a good discussion of what you're asking about. Small business appears to be a small percentage of the switchers. There's a lot more data than I could discuss in a blog, but regulators' desire for competition means they've been able to compel banks to divulge consumer behavior, which is a goldmine for other similar countries interested in their experience.