On 20 November 2018, the FCA published a webpage summarising its research into designing effective current account prompts, together with the full report (the Report). The research was conducted following banks and building societies committing to deliver a package of prompts to their customers. These prompts aim to: increase consumers’ engagement with their current account, raise awareness of the current account switching service, and highlight developments in the retail banking market.
The Report assists firms in designing effective prompts, noting (with examples) that:
- clear prompts that are salient and include clear instructions are likely to be more effective;
- prompts that interrupt consumers at relevant times are likely to be more effective; and
- colour and graphics can make a prompt more effective.