Around one in 13 current account holders have
switched their main account provider in the past year. The churn rate could
increase over the coming year, with the introduction of a faster seven-day
switching service in autumn 2013 and the addition of new products and
providers.
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TABLE OF CONTENT
Introduction
Report scope and product definitions
Abbreviations
Executive Summary
The market
Size of the current account customer
base
Industry turnover
Figure 1: Distribution of current
account revenue, by income source, 2007 and 2011
Revenue streams
Growth in packaged account fees
Market factors
New packaged account rules
Faster switching service to be
introduced
Last OFT review critical of complex
charging models and lack of market competition
Companies, brands and innovation
Largest providers of current
accounts
Figure 2: Share of main current
account market, by top six providers (on a group basis), June 2013
Increased product launches
Adspend rises off the back of new
product launches
The consumer
Current account ownership
Figure 3: Number of personal current
accounts held, June 2013
Product penetration
Figure 4: Type of current account
held, June 2013
Perceived relevance of common
packaged account benefits
Over half of current account holders
access online banking at least once a week
Figure 5: Frequency of using banking
services provided by main current account provider, June 2013
Past switching behaviour
Figure 6: Proportion of current
account holders who have switched their main account provider, June 2013
Reasons to switch
Figure 7: Top five factors most
likely to persuade people to switch their main current account provider, June
2013
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