On 6 January 2021, Pay.UK published a report on how COVID-19 has affected current account switching attitudes and behaviours for in the United Kingdom.
The report says:
– current account switching in 2020 was 30% lower than previous years;
– consumer attitudes towards current account switching and the Current Account Switch Service “remain positive and largely unchanged“;
– the availability of switching rewards and differentiation in prices fell whilst consumer vulnerability increased “significantly“;
– attitudinal factors have “seen less change“;
– gig economy works have been disproportionately impacted by COVID-19;
– young people (ie aged 18 to 34) have also been disproportionately impacted relative to older age groups;
– priorities have changed for small and medium enterprises (for example, they place less importance on branch access); and
– identifying and targeting support, interventions and remedies at the most affected groups is “a sensible strategy“.