BEHAVIOURAL AGENT BASED MODELLING OF BANK ACCOUNT SWITCHING
The UK government had a political objective to increase competition in the banking sector. To facilitate and de-risk consumers changing their bank accounts, the government launched the bank account switch guarantee service. However, the level of current account switching remained very low and Pay.UK wanted to understand this, and to assess how future incentives might motivate switching and increase the switch rate.
Pay.UK specifically wanted to test the impact of its idea of a "portable bank account number" – an account number and sort code that stayed with you personally regardless of who you banked with.
Can this effort be better targeted to focus first on those that we can show are more likely to get a low rating? If so, how do you prioritise? Is there a set of the indicators that can help to foresee the food establishments that are less likely to follow good hygiene standards? Are these indicators even known or recorded anywhere? Facing these questions, Decision Lab had to work with very few data available on food establishments. Going through the unstructured sources such as the scans of handwritten notes that varied between the Local Authorities was not an easy task.
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