Tuesday, July 16, 2013

UK July 2013: Packaged And Current Accounts

Around one in 13 current account holders have switched their main account provider in the past year. The churn rate could increase over the coming year, with the introduction of a faster seven-day switching service in autumn 2013 and the addition of new products and providers.

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Report scope and product definitions

Executive Summary
The market
Size of the current account customer base
Industry turnover
Figure 1: Distribution of current account revenue, by income source, 2007 and 2011
Revenue streams
Growth in packaged account fees
Market factors
New packaged account rules

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Faster switching service to be introduced
Last OFT review critical of complex charging models and lack of market competition
Companies, brands and innovation
Largest providers of current accounts
Figure 2: Share of main current account market, by top six providers (on a group basis), June 2013
Increased product launches
Adspend rises off the back of new product launches
The consumer
Current account ownership
Figure 3: Number of personal current accounts held, June 2013
Product penetration


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