Friday, 16 September 2016
The Current Account Switch Service (CASS) is three years old today (16 September) and since its launch, the switching engine has seen 3 ¼ million successful switches and a seven-day switching success rate of 99.7 per cent.
Since 2013, Bacs has 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, smaller businesses and charities.
An important element of our work is to make sure that people understand how easy it is to switch between banking providers using the service. Over the last year, we have led the industry in working with the FCA and with Her Majesty’s Treasury to ensure that customer awareness of and confidence in CASS have reached new highs. Three quarters of people in the UK are now aware of the service, with nine out of 10 of those switching accounts satisfied with their experience. A new multi-million pound media campaign launching this month will help to raise awareness and confidence further, along with a brand new website to help anyone wanting to switch bank accounts: www.currentaccountswitch.co.uk
Simon Kirby MP, Economic Secretary to the Treasury, said that he’s delighted with the number of switches that have taken place, because it’s enabling customers to hold their banks to account by allowing them to vote with their feet and switch where they see a better deal. He also noted that more banks than ever are providing this service. Increasing competition in banking is part of the government’s plan to make sure that every customer can access the best deal for them.
Here at Bacs, we will continue to develop the service, alongside our other products; Direct Debit and Bacs Direct Credit; to ensure that they continue to deliver to customers’ needs and drive value in the nation’s economy.
For more information please see: www.currentaccountswitch.co.uk