P Adams, S Hunt, Vale, Zaliauskas

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The FCA used a randomized evaluation to test the effect of the reminders in motivating consumers to switch their savings account. The study found that reminders increased the percentage of customers taking some action following the rate decrease, whether switching their account internally, or closing the account and moving to another institution, by between 5.4 and 7.9 percentage points.

 

 

 
 

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