Hmmm ... not much demand to switch after all?

Following on from yesterday's post [1] regarding the Australian Federal Government's push to make switching bank accounts easier for customers, comes this article in the TheSheet.com.au [2]. Quoting research from Roy Morgan, it suggests the desire to switch is actually not that high. In fact, less than 10% of people surveyed were dissatisfied with their primary financial institution, and over the last 12 months, only a touch over 3% of those surveyed had changed financial institution.

This says to me one of two things: Either, a) customers really are happy with their financial institutions and the politicians have got it wrong, or b) it's just so painful and expensive to switch that customers have convinced themselves that they do not want to have anything to do with the idea.

I wonder which one it is?

M@

References
[1] Original identification: impeding or enabling churn
[2] Not much demand for switching accounts