The Portuguese Competition Authority (AdC) has launched a study to assess consumer mobility in the retail banking sector, which is crucial for the Portuguese economy. This initiative follows a call for information that received contributions from various stakeholders, including the Banco de Portugal.

The study evaluates the challenges consumers face when searching, comparing, and switching current accounts and other banking products. Findings reveal that about 69% of consumers have not sought information on current accounts from other banks in the past five years, indicating a lack of engagement in the market.

Key barriers identified include long-standing relationships with banks, low financial literacy, and high search and switching costs, which discourage consumers from comparing offers. The AdC emphasizes the potential role of credit intermediaries in assisting consumers, although their effectiveness is limited by consumer awareness of their services.

To address these issues, the AdC has proposed 16 recommendations aimed at the legislator and the Banco de Portugal, focusing on reducing the costs associated with searching, comparing, and switching banking products. The study is currently open for public consultation, inviting feedback from interested parties until March 5, 2026.