Pay.UK discusses helping the financially vulnerable through CASS

Pay.UK’s John Dentry recently featured on The Money Carer Foundation podcast to discuss the Current Account Switch Service (CASS) and how it can help the financially vulnerable.

First explaining Pay.UK’s prominent role in managing the service, John, the Product Owner of the service, outlined the context behind CASS’ inception in 2013 to support current account switching in the market. Introducing unprecedented flexibility, the service has since promoted competition and produced better outcomes for end users by allowing them to easily switch UK current accounts.

Speaking to the Foundation, whose work supports vulnerable people with their everyday money management needs, John further detailed the important role of CASS in helping this particular group. He highlighted the added value that they can find in being able to easily switch as finding the right bank account that meets an end user’s specific needs can be key to helping them better manage their finances.

John said: “We are working to break down the perceived barriers around switching to help end users find a bank account that best suits their needs.”

We continue to work closely with various stakeholders, such as The Money Carer Foundation, and undertake extensive research to understand perceived barriers to switching. We share this knowledge and insight with the wider ecosystem and use it to shape our marketing efforts to increase awareness of CASS and highlight the potential benefits of switching for end users.

Our work with the Money Carer Foundation has afforded us greater access to the financially vulnerable. As a group with a low awareness of CASS who could benefit most from switching current account providers, the financially vulnerable remains one of our key sub-audiences alongside overdraft users, small and medium-sized enterprises, customers with high credit balances, and young people. We look forward to continuing this relationship to achieve even greater awareness of the service and support effective finance management.

You can listen to the full podcast here.

For more information about CASS, please visit the dedicated website here.