Just 13% of remaining Ulster Bank/KBC current account customers still need to open a new account according to BPFI consumer survey
- 68% of remaining customers have either opened a new account or plan to use existing account in another institution, with an additional 17% planning to close their account without replacing it
- Customers yet to take action being urged to act now to establish new banking arrangements.
New research published today by Banking & Payments Federation Ireland (BPFI) shows just 13% of remaining Ulster Bank/KBC Bank Ireland customers still need to open a new current account with a financial services provider. The nationally representative research shows that as of December 2022, a further 68% of remaining customers have either opened a new account or plan to use an existing account in another institution, with an additional 17% planning to close their account without replacing it.
Looking at activity levels on the accounts of existing Ulster Bank/KBC Bank Ireland customers, the survey shows a significant fall in the proportion of customers who were using their current account for certain regular payments between November and December. For example, only 12% of respondents who had a current account with an exiting bank were using that account to receive social welfare income payments in December, down from 24% a month earlier. Similarly, the proportion making mobile phone or home phone/broadband direct debit payments from an exiting bank account fell from about 30% in November to 20% in December.
Commenting on the report Brian Hayes, Chief Executive, BPFI said: “The findings from today’s survey clearly demonstrate the huge amount of progress that has been made by the industry in the migration of hundreds of thousands of customer accounts, with the majority of impacted customers reporting that they have either completed the move to a new provider or that they are well into the process.”
“And while we have now reached a point where just 13%, or one in ten customers, report they still need to open an account, it is important to recognise that there is still a job of work to be done in getting this group of customers across the line. Significant customer outreach to these customers has been underway for some time by the exiting banks and today we are strongly urging all customers who need to open a new account to do so as soon as possible by engaging with a new provider to establish new banking arrangements. There is a wealth of support and information available from both the exiting and remaining banks and financial institutions in addition to BPFI’s site movingaccount.ie and through the Competition and Consumer Protection Commission (CPCC) at www.cpcc.ie.”
“As we progress through 2023, BPFI will continue to work closely with our members, regulators and other key stakeholders to support customers in the transition and complete the journey,” Mr Hayes concluded.
These consumer surveys of nationally representative samples of 1,000 adults were conducted online by Amárach Research in November and December 2022 on behalf of BPFI.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 125 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.