Bank Account Numbers -They Should Move With You

Posted on: 22/07/2011

We all know how easy it is to move a mobile phone number now-or even a BT number for a landline. Telecommunications companies have modernised their systems and processes to make their customers lives easier-which is what all organisations that value service should be doing continuously.
This is exactly the level of portability the British Public (that's you and me, by the way!) should require from any business looking for our custom.
At the moment, the UK Banking Industry doesn't see it that way.
It is true efforts are currently being made to make it easier to move accounts-but you will still have to have a new Bank Account Number if you switch banks.
I am happy to support any interim measures that help to speed up and simplify the account-switching process-but, in the end, I believe Financial Institutions will have to accept that personal account numbers that move with the customer (that's you and me, by the way) will deliver the best results.
Of course, there are costs involved in innovating to improve service- but the cost of not doing so is much higher, because failure to radically improve matters will further erode confidence in the UK Financial Services Sector.
That is a too high a cost to pay.


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