About 40,000 people switched banks in the last six months in Belgium

On February 1, 2018, a new interbank mobility service was launched. Six months later, 39,758 banking changes were requested, the Febelfin banking industry Federation announced on Thursday. It also notes that the number of institutional changes has doubled since the previous year.

For Febelfin, this increased mobility does not mean that customers are less satisfied with their banking institution. “Absolutely not, it has simply become easier for the customer to change banks than before. The complexity threshold is now significantly lowered, so customers are moving faster to change banks for any reason. A good deal for the customer,” says Febelfin.

One downside, however: Febelfin notes that many counterparties do not adapt the account number in time, and therefore continue to use the old closed number in the meantime. “As a result, their payments cannot be executed. This concerns in particular telecom companies, water companies and energy suppliers, certain public services (such as the Federal Pensions Service, family allowance funds, etc.), mutual insurance schemes, trade unions, etc.”

Febelfin therefore calls on these counterparties “to adapt as soon as possible and to comply with their legal obligations”. “Concerted action, awareness campaign and even more collaboration should help to eliminate these obstacles and enable clients to trust a fast and comprehensive service,” concludes the banking industry federation.

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