Co-operative Bank – 38% increase in current account sales
The Co-operative Bank (co-operativebank.co.uk) has just released the results of a research of theirs revealing a 38% increase in current account sales in 2009.
Moreover, when looking in more detail the numbers show a 22% increase in customers switching their bank current accounts to The Co-operative Bank from other major providers, with a 31% increase in switching activity from the big four banks.
New research findings highlight many of the reasons which drive people to look for a new current account provider, with over a third citing customer service (29%), a quarter looking for online banking facilities (23%) and a local branch (19%) and more than one in ten looking for a more ethical provider (10%), and a transparent charging structure (14%).
The figures demonstrate that since the beginning of the financial crisis despite the usual trends of inertia in the current account market, people have started to look at their banking providers more closely, with general discontent and distrust leading to many customers voting with their feet.
When looking back over the last twelve months there have been a number of events that have triggered the switching activity, with peaks in the numbers switching accounts linked to events in the wider economic climate including public distrust in financial institutions, unease with remuneration policies and confusion over overdraft charging structures.
