Savings Banks

Recent research has shown that customers are not afraid to switch bank accounts in order to get a better deal with another bank.

A survey sponsored by Group 1 software monitored 1,000 UK companies and found a higher probability among current account holders to change accounts than in the past.

One in six consumers claimed to have switched their financial provider, current accounts or mortgage in the past year, the survey said.

Greater customer demand for a higher level of services as well as increased consumer knowledge about the services on offer may account for the increase.

"People are getting more use to shopping around and are demanding higher service standards," Andrew Greenyer, Group 1 software director, told the BBC.

"The disappearance of bank branches and their replacement with call centres - often located overseas - has broken a link between the bank and the consumer."

By contrast, a survey carried out in 2003 showed that only one in 12 customers had swapped banks.