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Global Banking & Finance review: Cognizant’s Head of Banking and Financial Services in the UK & Ireland Says Current Account Switch Service will Improve Product Differentiation Amongst UK Retail Banks

“Even as the banks catch up, technology continues to develop at pace and is becoming more and more disruptive,” writes Tony Virdi. “In a new and more competitive environment, banks ought to be thinking about what customers will demand in three to five years’ time, not just what they are asking for now.”

He adds, “The account switch service has made 28-day account switching seem like an anachronism overnight, but why stop at seven days? The technology exists to make 24-hour switching possible, if the market demanded it, and the 24-hour mortgage, or a 24-hour pension really ought not to be beyond the realms of possibility. How quickly we see that will be down to how strongly consumers demand it and the Account Switch Service gives them a powerful enabler with which to do so.”

According to Virdi, time will tell what the true impact is, but the ease of switching should mean that Tier 2 banks, global players and agency banks will have greater confidence to develop innovative products to attract customers from the established players, who will, in turn, have to take customer retention more seriously. “This will lead to a much higher level of product differentiation amongst retail banks in the UK,” he opines.

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