The Competition Council (CC), in partnership with research center SKDS, will conduct a consumer survey to assess obstacles to switching commercial banks. The study will examine factors such as interest rates, commissions, and perceived difficulties in changing banks.
Low consumer mobility has been identified as a barrier to competition, with past findings showing that many Latvians find switching banks complicated. Recent legal amendments aim to ease refinancing and enhance competition, including new mortgage loan comparison tools by the Bank of Latvia.
Consumers are encouraged to participate in the survey to help identify challenges and improve competition in the banking sector. Further details will be shared via the CC and Bank of Latvia’s social media channels.
