The Current Account Switch Service achieved its 5 millionth switch in 2018, with a total of 929,000 people switching in-year, according to its Annual Report published today.
More banks also joined the service last year including Monzo, Starling Bank and Think Money. A total of 47 banks and building societies now offer current account switching.
The report confirms that all key performance indicators were exceeded in 2018: 99.4% switches were completed within 7-days and consumer satisfaction averaged at 93%. The service has a positive engagement rate with 80% of consumers saying they are aware of it.
The service aims to raise the awareness of the benefits that switching current accounts can have, especially among people experiencing difficulties with their finances. Last year, it delivered a nationwide ‘Rewards all round’ TV-led marketing campaign, aiming to raise awareness among financially vulnerable people. The campaign showed the benefits and rewards available from switching. Research shows this message reached 88% of the financially vulnerable, with awareness increasing to 76% in this group and confidence rising to 69%.
The service also prioritised young current account users. The variety of rewards and benefits from switching were brought to life using an advertising campaign with a range of magic tricks. The campaign reached 92% of 18-24-year olds and, as a result, awareness in this hard-to-reach group has risen to 56%.
Jo Kenrick, Chair of the Current Account Switch Service, comments: “The Current Account Switch Service has a critical role to play in ensuring no-one is left behind or excluded, as financial services become more sophisticated. In 2018, we focused our efforts on highlighting the rewards available through switching to people who could potentially benefit most from these incentives. Now as we look forward, we aim to make more people aware of the Service and ensure those considered financially vulnerable, know that they too can benefit from switching.”
Paul Horlock, chief executive of Pay.UK, comments: “With its rich knowledge base and research, the Current Account Switch Service has a clear role to play in the financial inclusion debate and its achievements over the past five years speak for themselves. As a Pay.UK service I look forward to seeing it continuing to deliver value for all consumers, especially the financially vulnerable, helping them to take full advantage of the emerging financial services that come to market.”