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.

1. Switching current accounts

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