A widely acknowledged fact is that Brits are more likely to get divorced than to change their banking provider, as they assume making the switch is an arduous, even risky, process.
Matt Ford, Product Director at Tandem Bank, says “Changing banking provider has got so much easier in the last year, but people still assume there are major barriers. There are so many myths out there that discouraging people and it’s a real shame because with a simple switch you can see real benefits in your life with money”
The 8th of January marks the most popular day of the year for people in the UK to begin legal proceedings to dissolve marriages. Sometimes things just aren’t working and a low point at the start of the year is enough to push a marriage over the edge. So why are people more likely to make this life-changing move than they are to change banking, provider? It’s considerably easier to break up with your bank, picking up a new card or current account, and in many cases, people still don’t act on their dissatisfaction.
Myths and the power of habit are stopping people from getting the best deals, with a bit of shopping around and research you can get so much more from your money. With the 7-day switch guarantee, consumers can also be assured that they will be with their new provider within a week and will not be without access to their financial products for more than 48 hours.
Matt Ford, Product Director at Tandem Bank, says “The incumbent banks are still profiting from the myths that surround switching banks. It seems that no matter how many difficulties you have with your banking service, you stick with it, even more so than you would with a struggling marriage. In reality, switching provider has never been easier and there are so many products on the market that offer tangible benefits and better banking experience.”
Thanks to Open Banking a wealth of opportunities have opened up for both the banking sector and consumers. Open Banking allows consumers to connect a range of financial products, pulling together a banking experience from all corners of the industry that is personal to them. Apps like Tandem’s pull all of these tools into one place, curating third-party services and gathering insights on your financial life to help you spend, save and manage your credit better.
Matt Ford, adds, “The market has never been so diverse and the one-size-fits-all approach to banking is broken. Seek out the best from the market for your individual needs. ‘Changing banks’ doesn’t have to mean switching every banking product. You could just opt for a better rate on your savings or a credit card that doesn’t sting you with fees when you spend abroad. It is remarkable that you are more likely to get divorced than to change your bank – it’s time we change that.”