Matt Sanders, Gocompare.com's banking spokesperson, said: "Gocompare.com is excited to be leading the midata initiative in the comparison website sector. By enabling our customers to use their actual current account data we can provide more meaningful product comparisons and help them to find what's really right for them. Gocompare.com prides itself on helping customers make better-informed financial decisions based on need, rather than just cost, so this initiative is at the heart of what we do as a company.
"Despite initiatives such as the seven-day current account switch guarantee scheme - a current account switching service that is guaranteed to be completed in seven days - consumers are still reluctant to switch under-performing banks, with just 7% having switched their bank account in the last 12 months.* Midata will make current account switching simpler and better, connecting an individual's banking patterns with the right deals. Gocompare.com will be at the forefront of developments when midata hits the market in 2015.
Matt added: "The midata initiative will also push innovation in the current account market, which has been stagnant for some time. It will force banks and building societies into offering bank accounts that customers really want and need and now using midata they will choose knowing that they are the right accounts for them."
The announcement is the latest in a long line of 'firsts' for Gocompare.com which began life as the first comparison site to compare product features and not just price. Gocompare.com was also the first, and still the only price comparison site to be invited to join the British Insurance Brokers' Association (BIBA) and the first to incorporate independent product information from Defaqto into its comparison results.
Notes to editors:
*On 11 July 2014, an online survey was conducted among 2,032 randomly selected British adults age 18+ who are also Springboard United Kingdom Community members. The margin of error-which measures sampling variability-is +/- 2.2%, 19 times out of 20. The results have been statistically weighted according to the most current data on age, gender, region, and education from the most recent census data, to ensure the sample is representative of the entire adult population of the UK. Discrepancies in or between totals are due to rounding.