As technology continues to advance, customers are presented with more options than ever before when it comes to banking services. However, a new report from the Economic and Social Research Institute (ESRI) has found that the majority of bank customers in Ireland are losing money by not switching to more beneficial accounts or services. In this article, we will examine the findings of the report, and explore some of the reasons why customers may be hesitant to make the switch to a better banking option.
According to a report by the Economic and Social Research Institute (ESRI), the majority of consumers are missing out on potential savings because they didn’t shop around when choosing a bank and don’t consider switching. The report, commissioned by the Department of Finance, surveyed nearly 3,000 consumers and found that switching rates over the past five years varied from 6% for mortgages and loans to 17% for bank accounts. The study also revealed that many consumers do not shop around for better deals for their loans, credit cards, or mortgages, with less than 3% of product holders starting the switching process but not completing it. The research highlighted difficulties in comparing offers, uncertainty about the process, costs and benefits, and fear of making a mistake as significant barriers to switching. The results suggest that increasing consumer knowledge of procedural steps in the switching process and the benefits and costs of switching could improve switching rates.
In conclusion, it is evident that bank customers in Ireland are losing money by not switching to better deals. According to the ESRI report, a vast majority of customers are still not availing of better deals that can save them hundreds of euros per year. It is high time that customers take control of their finances and explore options that can work in their favor. With an abundance of comparison websites and tools available, switching has never been easier. It is time to break the inertia and make informed decisions that can lead to substantial savings. So, don’t wait any further, explore better options today and start saving money!
