Co-operative Bank, the UK’s
second-largest mutual, has revealed a 38 percent increase in
current account customers during 2009.
The Co-op continued to attract account
switchers from the traditional Big Four UK groups: Lloyds, Royal
Bank of Scotland, Barclays and HSBC, with a 31 percent increase in
customers ditching those banks in favour of the Co-op during
2009.
Go deeper with GlobalData
According to the bank, reasons for customers
switching current account provider included a desire to receive
better customer service (29 percent), better online banking (23
percent), and access to a local branch (19 percent).
The lack of a transparent fee-charging
structure at their previous bank was mentioned by 14 percent of
customers switching to the Co-op. Only 10 percent said a wish to
bank with a more ethical financial services provider, at the heart
of the Co-op’s business strategy.
Unsurprisingly, the Co-operative scored the
greatest success in attracting customers from its bailed out
rivals, with Royal Bank of Scotland, Halifax and Bank of Scotland
the three brands to show around a doubling in account switchers to
the Co-op in 2009 compared with 2008 (see table
below).
|
SWITCHERS How well do you really know your competitors?Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. 
Company Profile – free
sample
Thank you!Your download email will arrive shortly Not ready to buy yet? Download a free sampleWe are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData |
|
|
Source of current account |
|
|
|
% |
|
Royal Bank of Scotland |
109 |
|
Halifax |
101 |
|
Bank of Scotland |
92 |
|
Lloyds TSB |
43 |
|
Nationwide Building Society |
27 |
|
NatWest |
18 |
|
Alliance & Leicester |
8 |
|
Source: Co-operative Bank |
|
