In total, 704,560 switches occurred throughout 2020, compared with over 1 million in 2019. The figure was aided by a rebound in Q4, with nearly 190,000 switches taking place.
The pandemic appeared to have a more significant impact on banks’ end than on consumer sentiment. Customers switched the most when coronavirus cases were at their highest; even when the country was in lockdown for all of November — which was the service’s best month since March 2020.
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