Mail Connected - Current Account Switching Service
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Following the recent launch of the new Current Account Switching Service, Mail Connected has released research revealing the important role that the Mail, and newsbrands more widely, play in their readers' financial decisions.
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Mail Connected - Current Account Switching Service
- 2. ‘Switching’ overview • There is low resistance to switching among Mail readers; they are more likely to have switched accounts, and they switch more frequently, than GB pop • 1.3m regular Mail readers say they are likely to switch current accounts in the next 12 months (15% of readers). The scheme is more likely to make them switch • Newspapers are a key source of information on current accounts. Readers are twice as likely to refer to newspapers than the GB pop. They expect to see accounts promoted & they are more likely to act on advertising in newspapers than the GB pop
- 3. Mail readers are financially savvy… 78% are in control of their finances GB: 77% 56% are knowledgeable in financial matters GB: 47% Source: Mail Newspapers ‘Switching’ Survey, August 2013. 84% are interested in financial matters GB: 72%
- 4. More likely to have switched… 63% have switched accounts previously GB: 51% 26% have switched two or more times GB: 22% Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO) 9.3m account switches previously
- 5. Attracted to new providers… Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO) 34% dissatisfied with previous provider 25% attracted by current provider 32% a bit of both
- 6. Feeling that loyalty is not rewarded… 43% say you have to move to get the best deal GB: 45% 28% have seen a good deal with another provider GB: 31% Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
- 7. Low resistance to switching… Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO) Only 29% say switching is a difficult and complicated process GB: 34% Only 27% say risks surrounding switching outweigh the benefits GB: 28%
- 8. High awareness of the switching scheme… Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO) 36% are aware of the scheme GB: 31% 64% are not aware of the scheme GB: 69% …however, only 8% fully understand the scheme and could explain it to others
- 9. Positive associations with the switching scheme… Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
- 10. Scheme will mitigate fears… Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO) 48% would worry about mistakes being made with ‘bills’ when switching GB: 54% 24% say switching regularly impacts negatively on your credit score GB: 23%
- 11. Scheme will have a positive impact on switching… 37% more likely to switch as a result of the schemes introduction 6% will wait and see what others say about the service 52% attitude to switching won’t be affected Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO) 15% are likely to switch in the next 12 months, 1.3 million regular readers GB: 14% Scheme is more likely to encourage ‘switching’…
- 12. Expect to see switching service promoted… 74% expect to see lots written about the current account switching service GB: 64% 76% expect to see lots of advertising for the current account switching service GB: 67% 80% expect to see banks / building societies advertising their current accounts GB: 74% Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
- 13. Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO) 41% Financial sections in newspapers GB: 22% 38% My bank/ building society website GB: 36% 35% Advice from friends or family or colleagues GB:41% 35% Advice from my bank/ building society in person GB: 28% 34% Mails/emails/leaflets from my bank/building society GB:25% 30% Financial or price comparison websites GB:30% Newspapers are a key source of information on current accounts
- 14. Newspapers can influence customers choice… 50% say financial advertising in newspapers / newspapers section helps me to choose which company to have products with GB: 31% 68% say financial advertising in newspapers / newspaper section is useful for informing me of deals and offers GB: 52% Source: Mail Newspapers ‘Switching’ Survey, August 2013. Base: Mail readers (AA/QO)
- 15. ‘Switching’ overview • There is low resistance to switching among Mail readers; they are more likely to have switched accounts, and they switch more frequently, than GB pop • 1.3m regular Mail readers say they are likely to switch current accounts in the next 12 months (15% of readers). The scheme is more likely to make them switch • Newspapers are a key source of information on current accounts. Readers are twice as likely to refer to newspapers than the GB pop. They expect to see accounts promoted & they are more likely to act on advertising in newspapers than the GB pop