The Current Account Switch Service celebrates a successful 2018:
- The Current Account Switch Service plays a crucial role in enabling all consumers to make the most of their money
- The annual report shows 80% of people know about the service and awareness is rising for those on lower incomes who stand to benefit most from switching
- Confidence remains high, as consumer satisfaction averaged 93% in 2018
- Satisfaction in the service remains high, averaging 93% in 2018
28th March 2019 – 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.
During 2018, CASS continued to welcome new participants and introduced Think Money to the CASS community. 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 if 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%.
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 topeople 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.
Jo Kenrick, Chair of the Current Account Switch Service.
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.
Paul Horlock, CEO of Pay.UK
Please find the annual reports from previous years here