The latest figures for the UK’s Current Account Switch Service (CASS) January) are out and if you focus on total switches since the service launched in 2013, everything in the garden is rosy.
A total of 4.45 million successful switches have taken place since 2013.
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Dig a little deeper and the picture is less positive. Since year one of the service, there has been a year-on-year decline in customers switching their main current account.
Total switches in 2017 amounted to 931,956, down a whopping 8% from 1,010,423 in 2016.
Even worse: the rate of decline in total switches has increased. The figure for 2016 represented a decline of 2.3% from the 1,033,939 switches in 2015.
In 2014, there were 1,156,838 switches.
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By GlobalDataDespite the banks’ success in administering 7 day switching – the service enjoyed a satisfaction rate of 93% in Q417 – present switching rates are less than they were in 2012 before the service launched, when 1.12 million switches took place.
The disappointing figures coincide with record levels of public awareness of the service.
Awareness hit a new high of 84% in October 2017 following the launch of high-profile public awareness campaigns. That campaign helped the service record the largest number of switches in November 2017 (110,774) since March 2016.
