05 April 2012

EBIC preliminary observations on the Consumer Market Study on consumers’ experiences with bank account switching

EBIC’s preliminary observations relate to the fact that the Consumer Market Study’s findings are based on mystery shopping, the methodology of which is questionable.

1. In particular, there are a very low number of respondents for large countries (20 people), where millions of switches take place every year.
2. Some of the questions that have been asked go further than the Principles.
3. There is a contradiction between the results of the Consumer Market Study and those of other studies, including a recent Eurobarometer study (February 2012). It is worthwhile acknowledging that the latter study covers a much larger sample of the European population and therefore is expected to provide more reliable conclusions. Its main findings are as follows:
   • ‘Among European current account holders, 85 per cent have not switched or tried to switch as they do not need to, while 7 per cent say they switched and it was easy, and
   • [only] 3 per cent say they have not switched or tried to switch as it is too difficult or too much hassle.
   • Just 1 per cent switched and found it difficult, with another 1 per cent saying they tried to switch but gave up’.

EBIC understands that the Commission’s services have recently started a public consultation to gather in stakeholders' views on the need for action and the possible measures in relation to the issues covering, inter alia, transparency and comparability of bank account fees, bank account switching, and access to basic payment accounts. EBIC welcomes further discussion in this area.

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