PwC: Customers don't switch banks because they don't care

Tim Wallace
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Customers don't believe bank regulation changes will make a difference (Source: Getty)
Most current account holders distrust their bank – but just 11 per cent have moved to a different lender since the seven-day switching scheme came in, a PwC report showed today.

Half of customers are aware that bank regulations have changed since the crash, but 57 per cent believe it will make no difference, adding to their apathy.

“Having a customer base that is both unresponsive and potentially volatile is the worst possible state of affairs for existing financial services providers,” said PwC’s George Stylianides.

“[Banks] which don’t change now, and those that don’t make the right changes, risk going further down the road where the people they are trying to reach have stopped listening and will only pay attention again when something genuinely different comes along.”

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