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August 7, 2008

PINs and passwords drive consumers to one provider

by Gill Montia

Story link: PINs and passwords drive consumers to one provider

Recent research suggests that a fear of Direct Debit and wider financial chaos is not the only reason why Britons do not readily switch to the most competitive current and savings account providers.

According to a poll by Abbey Banking, PIN numbers and passwords have become such a burden to consumers that many are choosing one provider for their financial needs.

While the average consumer has three financial providers at any one time, Abbey asserts that 8.7 million Britons have consolidated their current and savings accounts with one provider, and that a further 8.3 million would consider doing so.

Thirteen per cent of respondents to the Abbey survey said they only have one PIN or password in connection with their finances and the research also found that women are keener to simplify the management of their money than men.

Twenty-one per cent of female respondents had made the decision to bank with a single provider, compared to 17% of men.

However, there are disadvantages to the strategy. Consumers who have a sole password for their financial affairs need to be highly vigilant to protect their cipher from identity thieves.

In addition, a one track approach may mean they are missing out on higher savings rates or other offers in the market.


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