Swedes slow to change bank

As many as 43% of all Swedes have never changed banks, shows a survey by Inizio, which notes that 34% of Swedish bank customers are satisfied with the conditions at their existing bank and are therefore reluctant to swap bank. One third of those who had changed bank said there was very little difference between their old and new bank and therefore hardly worth changing, while 24% said it involves too much red tape to be worth the effort.

Jan Bertoft, secretary general at Swedish Consumers’ Association, says too few switch allegiance and calls on the bank sector to simplify routines.