UK banking customers can now switch in seven days

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 As the BBC describes, September 2013 has seen big changes take place in UK retail banking.

From this month, bank customers can expect to switch in seven days, with the banks responsible for making sure that the process runs smoothly. If there are any errors, such as a payment going to or being taken from the wrong account, it is the bank that has to correct and compensate.

UK banking customers have traditionally been extremely loyal, with some suggesting we are more likely to change partner than we are to move to a different bank.

However, moves to encourage consumer mobility have been on the horizon for some time and more activity in this area in future cannot be ruled out. As Clive Maxwell,Chairman of the Office of Fair Trading says:

"Personal current accounts are critical to the efficient functioning of the UK economy. Despite some improvements, this market is still not serving consumers as well as it should.

Customers still find it difficult to assess which account offers the best deal and lack confidence that they can switch accounts easily. This prevents them from driving effective competition between providers."

This unprecedented situation means that banks must focus on customer experience and customer retention like never before. Many banks are already offering cash incentives to those who switch but it is not enough to celebrate new customers while established customers switch.

At SynGro we're ready to work with you to develop your customer experience strategy, and resource it with the best in Voice of the Customer technology.

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