- 6.3 million switches since 2013 and more than one million switches in 2019 alone
- All regulatory KPIs met, including high satisfaction, completion times and awareness
- 99% of the current account market now participates in the Current Account Switch Service.
The Current Account Switch Service achieved more than one million switches in 2019, according to its annual report published today.
Current Account Switch Service plays a vital role in helping consumers and businesses make the most of their money by providing a simple and stress-free way to move their current account. In these unprecedented times, the smooth working of the financial system is more important than ever.
More banks joined the Current Account Switch Service in 2019, taking the total to 49 participants covering 99% of the market. Habib Bank, Zurich plc and Unity Trust Bank joined in 2019, ensuring Current Account Switch Service offers an increasingly broad range of banks to choose from when consumers are looking to switch.
Current Account Switch Service also reports that it achieved all its regulatory KPIs in 2019: 99.2% of switches were completed within 7-days and consumer satisfaction ratings averaged 92% across the year. The service also has a positive engagement rate, with 80% of consumers saying they are aware of it.
Current Account Switch Service advertising campaigns in 2019 were aimed at people who could benefit most from switching. The first campaign was targeted at the financially vulnerable and reached 92.3% of its target audience. The second targeted SMEs, and reached 96.3% of the target audience. The third focused on both 18-24 year olds and the financially vulnerable, successfully reaching 94.7% of 18-24 year olds, and 95.1% of the financially vulnerable audience.
Current Account Switch Service continued its commitment to publish new research insights and in 2019 worked with the ecosystem to publish a ‘Switching Savings’ White Paper which looked at ways to stimulate the savings account market, and also a separate set of research analysing the attitudes of millennials in choosing financial services products. The service continued its research and discussions around the impact of technologies such as Open Banking, analysing to what extent they impact consumer switching behaviour.
In 2020 Current Account Switch Service aims to work with the ecosystem to understand more about SME banking needs and how the banking sector serves them. Tailored research will look to understand how SMEs approach and choose their banking services. Current Account Switch Service will also look to deepen its understanding of people facing financial vulnerability, along with the specific challenges faced by young people in choosing financial products at key milestones in their lives.
"I am delighted with the progress that the Current Account Switch Service has made in 2019. Our sixth year has marked several milestones, including successful delivery of our advertising campaigns and fully supporting our participants in ensuring consumers of all demographics understand the opportunity that switching current accounts can offer. We have succeeded on a number of levels: maintaining a high quality, reliable service for individuals and small business and charities; delivering value to our participants; and successfully embedding ourselves within Pay.UK. I look forward to the Service continuing to succeed in 2020."
Said Jo Kenrick, Independent Chair of the Current Account Switch Service
"In these uncertain times, the smooth running of the UK’s financial service industry is paramount. The Current Account Switch Service continues to engage effectively with the ecosystem to ensure that it remains at the heart of the consumer debate on financial inclusion. It maintains strong engagement with UK current account providers, their customers and the emerging services provided by new technologies like Open Banking. By understanding the changes in the supply of services and the behaviour of consumers it has successfully established itself as a key part of the discussion into the future of current account services in the UK."
Said Paul Horlock, Chief Executive of Pay.UK, owner and operator of the Current Account Switch Service