Fearing change

For various reasons change is something many people resist. It may be because they find it difficult to move away from a familiar routine, fear the unknown, or are concerned by the possible repercussions. However, change is inevitable, and in some cases postponing decisions can prove to be very costly indeed.

One of the most obvious examples of people’s resistance to change is in the banking sector. Customers tolerate poor service and expensive charges because they imagine the changeover process itself will be full of aggravation. They want to change, but the perceived problems are too great for them to actually make the move.

Evidence of this can be found in research conducted last year by YouGov, Henley Business School and Ovum, which found that 14.1m customers would be more likely to switch banks if they thought it was easy to do so. According to the poll, 38 per cent of high street bank consumers have never switched their main current account. Some 65 per cent of those questioned believe banks are failing to improve customer service, yet despite this perception they remain loyal to their banking provider.