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    Today's Money and Credit Data from The BoE - May 2023

    Karim Haji, Head of Financial Services at KPMG in the UK.

    Pay UK current account switching data

    There were 341,075 current account switches in Q1 2023, the highest total ever. Switches took place across 48 participating banks and building societies.

    Karim Haji, Head of Financial Services at KPMG in the UK, said: “Traditional UK consumer inertia around switching banking providers has completely shifted, in part due to the cost-of-living crisis. Consumers are doing their due diligence into which banks can offer them the best perks, joining bonuses and customer service.

    “Banks should note that incentives are largely behind the switching volumes and are clearly increasingly valued by consumers as validated by KPMG research which found that cashback on monthly bills was the most attractive perk offered by a bank (39%) with competitive interest rates being the second most popular (37%) down from 51% last year.  UK consumers are learning that swapping banks is straightforward, rapidly eroding decades of inertia to switching that UK consumers have shown and presenting new challenges to the incumbent retail banks.”

    Survey conducted, on behalf of KPMG UK by One Poll in November 2022, with a nationally representative sample size of 2,000 UK Adults.


    Karim Haji

    Global and UK Head of Financial Services

    KPMG in the UK

    -ENDS-

     

    Follow us on twitter: @kpmguk

     

    For further information please contact:

    Christina Bridge & Helen Jackson

    E: christinabridgeandhelenjackson@kpmg.co.uk

    M: 07789504905 or 07901115649

    Gerard Swinley

    Gerard.swinley@kpmg.co.uk

    M: +44 7510 375540

     

    About KPMG

    KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 15,300 partners and staff. The UK firm recorded a revenue of £2.43 billion in the year ended 30 September 2021.

    KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.