The FCA has published Occasional Paper no. 10: Message received? The impact of annual summaries, text alerts and mobile apps on consumer banking behaviour (the Occasional Paper).

In the Occasional Paper, the FCA utilised data from two large banks and concluded that although annual summaries had no effect on consumer behaviour in terms of incurring overdraft charges or on customer switching, the signing up to text alerts or mobile banking apps reduces the amount of unarranged overdraft charges incurred by 5% to 8%, and were particularly effective when used together, resulting in a total reduction of 24%.

View Occasional Paper No. 10: Message received? The impact of annual summaries, text alerts and mobile apps on consumer banking behaviour, 11 March 2015