25 September 2017
visit www.avoka.com

UK current account switching service hits third birthday

16 September 2016  |  5524 views  |  1 current account switch guaranteee

As it hits its third birthday, the UK's current account switching service (Cass) is set for a media blitz in order to boost take-up beyond the three and a quarter million switches it has facilitated in its first 36 months.

Introduced in September 2013, the £750 million Cass was designed to make it easier and quicker for Brits to move their bank provider, boosting competition. Celebrating its third birthday, Bacs, which runs the service, says that in its three years, it has seen 3,240,640 successful switches - including 73,899 small business accounts - and reports a seven day switching success rate of 99.7%.

However, whether this is enough to placate regulators is questionable. Last March, disappointed in takeup, awareness and confidence in the system, the Financial Conduct Authority stepped in calling for marketing campaigns.

With the threat of an expensive move to full account portability hanging over their heads, banks and building societies stumped several million pounds for marketing. The latest set of ads will begin this weekend, while a new website dedicated to the service is also being launched.

With increased competition the government's main driver for making account switching easier, Bacs says that during the last three years there have also been 150 "enhancements" to UK personal current accounts, while the number of banking providers offering the service has risen from 33 to 43.

Anne Pieckielon, director, product and strategy, Bacs, says: "Since the Current Account Switch Service was launched, we’ve worked hard to keep pace with changing needs, collaborating across the industry and with government and regulators - such as the Competition and Markets Authority - to provide a world class switching service for individual customers, and smaller businesses and charities."

Comments: (1)

A Finextra member
A Finextra member | 16 September, 2016, 09:21

Perhaps the regulators should ask the banking public what they want.
You can't make people switch banks just because you make it easier to do so.
Let the Banks get on with modernising their systems instead of pandering to mandates. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bacs claims growing awareness for struggling UK account switching service

Bacs claims growing awareness for struggling UK account switching service

15 March 2016  |  4101 views  |  0 comments | 5 tweets | 1 linkedin
Current account switching flops

Current account switching flops

21 January 2016  |  5225 views  |  9 comments | 14 tweets | 7 linkedin
UK account switching service fails to take off

UK account switching service fails to take off

22 July 2015  |  8093 views  |  9 comments | 22 tweets | 14 linkedin
Faster Payments a factor in switching bank accounts - survey

Faster Payments a factor in switching bank accounts - survey

20 July 2015  |  7731 views  |  4 comments | 14 tweets | 14 linkedin
FCA examines move to full bank account portability

FCA examines move to full bank account portability

01 October 2014  |  8130 views  |  3 comments | 12 tweets | 5 linkedin
Quarter of Brits would consider leaving bank over IT meltdown - survey

Quarter of Brits would consider leaving bank over IT meltdown - survey

04 December 2013  |  5751 views  |  1 comments | 10 tweets | 7 linkedin
UK bank account switching service ready for September launch

UK bank account switching service ready for September launch

16 August 2013  |  7452 views  |  0 comments | 8 tweets | 6 linkedin
UK banks promise 'hassle-free' account switching from September

UK banks promise 'hassle-free' account switching from September

11 June 2013  |  5582 views  |  0 comments | 5 tweets | 4 linkedin
UK banks float £2 billion account switching plan

UK banks float £2 billion account switching plan

22 June 2011  |  9445 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ncr.comvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13762 views comments | 29 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
10548 views comments | 14 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8739 views comments | 16 tweets | 1 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8704 views comments | 19 tweets | 27 linkedin
ISO 20022: The common language of choiceISO 20022: The common language of choice
8457 views comments | 1 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job