Almost seven in ten people (68pc) have never switched their current account, with over a quarter (27pc) holding back due to perceived difficulty. Meanwhile, among the one-third (32pc) who have switched, the majority (23pc) found the process to be straightforward.
Capital Credit Union’s Member Survey, which gathered insights from approximately 3,700 adults, explored attitudes towards switching accounts and the use of digital technology for financial transactions. Notably, women were less likely to have switched, with 71pc of women reporting they haven’t switched compared to 64pc of men.
People in their 50s and 60s were most likely to say they found switching a difficult process as reported by 1 in 10 of this age cohort.
On the use of digital technology, survey highlights include:
- More than eight in ten (81pc) use digital technology—computers, smartphones, or tablets—for most or all financial transactions, including paying bills, making purchases, or investing.
- Digital usage decreases with age: 96pc of people in their 20s use digital tools for nearly all transactions, compared to 90pc of those in their 40s, and 61pc of those in their 70s.
- The numbers in their 60s, 70s and 80s making use of digital banking for all or most of their banking was relatively high at 71%, 61% and 59% respectively.
Pat Byrne, CEO of Capital Credit Union, commented on the findings:
“These results reveal a clear need for greater awareness around the ease and benefits of switching accounts. With nearly seven in ten people never having switched, perceived complexity is evidently holding many back. However, for the 32pc who did switch, most found it straightforward, indicating that the perceived difficulty often outweighs the reality. We all know that ‘household admin’ tasks like switching accounts can be daunting, which makes it essential for financial institutions to streamline the process and communicate these improvements effectively.
The strong shift toward digital banking, especially among younger users, also highlights the importance for financial institutions to invest in intuitive, accessible digital solutions. The numbers in the higher age brackets making use of digital banking were also very encouraging. By addressing both the concerns around switching and the demand for seamless digital experiences, financial providers can better support consumers in making informed choices that enhance their financial wellbeing.”