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The future of switching whitepaper

switching statistics

In our whitepaper we explain why open finance, switching APIs and strategic partnerships can help save consumers billions.

In the last 12 months UK consumers forfeited £4bn in additional — and 100% avoidable — energy bill payments. When combining this with insurance costs, mobile and broadband penalties, Citizens Advice worked out that UK consumers who didn’t regularly seek better deals were £1000 worse off every year compared to those that did.

Price comparison websites promised to offer a solution. However, while they have helped ‘unstick’ some customers from bad deals, the loyalty penalty persists. This is because of a few key issues with price comparison websites. They:

  • have a complex and time-consuming customer journey
  • require regular customer engagement to remain on a good deal
  • leave many users with a feeling of uncertainty

In fact in a recent survey of 1,570 people; 42% of respondents were not confident that they were being charged fairly for energy, and 32% thought that switching supplier was too much hassle.

The true solution to the loyalty penalty lies in open finance. Comparison & switching APIs can be used to proactively deliver personalised quotes to consumers that need them. Strategic partnerships can give consumers instant access to switch markets within third party applications.

Download our whitepaper to find out more about the current state of the switching market, and where it is headed in the future.

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