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Tony's Ten: Account Switching

19 August, 2013Tony Gandy

Next month (16th Sept) will see the start of the guaranteed 7 day account switching facility at 33 banks and building societies. Put together by the payments council, the ability to move accounts and all their features in 7 days (direct debits, standing orders etc) is rumoured to have cost the industry £750m!

The payments council have a website dedicated to outlining the new capability: http://www.paymentscouncil.org.uk/switch_service/

Mobile banking taking off in the US, already well established in Europe

Some interesting data from the US shows that most Internet users now use the Internet to do at least some of their banking. Market research company Pew says that 61% of the 85% of Americans who use the Internet, use online banking. However, the real boom seems to be in the use of mobile banking. The number of people using mobile banking apps has roughly doubled in two years to 35% of Americans.

Research from ING (and who would have thought such a damaged bank would spend money this way) shows that 37% of Europeans use mobile banking with Turkey leading the way with 49% of people using mobile banking, followed by 44% of Dutch and Spanish people.

The Fax?

In this day and age, who uses the fax to send important information around? Well, the Bank of Scotland (now Lloyds Banking Group) does, well did in 2009. The Information Commissioner Office has fined them £75,000 for sending customer information, and identification documents (including names, addresses, account details, payslips, bank statements, mortgage applications) by fax, which is not against the rule, but they sent these documents to the wrong fax number! The fax machine they sent them to had one digit different to the number they were meant to be sending the information to. Once the original mistake was made, they repeated it over a number of years.

The ICO report can be found at: http://www.ico.org.uk/news/latest_news/2013/Bank-of-Scotland-receives-75000-penalty-after-three-year-fax-blunder-05082013