What is it about?
A review of a pilot programme at a non-bank financial institution that sought to make it easier for customers to switch their accounts from other financial institutions.
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Why is it important?
Switching costs are a substantial issue in banking markets, including in NZ, and reduces competition. Understanding what can help reduce switching costs can enhance competition.
Perspectives
It was surprising to find that customers were reluctant to use the service provided, and understanding the reasons for that reluctance enhances our understanding of switching costs and their impact.
Associate Professor Claire D Matthews
Massey University
Read the Original
This page is a summary of: Helping bank customers switch: A case study, Journal of Financial Services Marketing, May 2007, Springer Science + Business Media,
DOI: 10.1057/palgrave.fsm.4760046.
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