The Q3 2020 Current Account Switching Service (CASS) dashboard has been published today (29 October 2020).

In this latest dashboard we find out how many of us transferred our bank account in Q3 2020 and who the switching winners and losers were during the COVID lockdown in Q2 2020.

The number of switches during 2020:

Source: Pay.UK

A total of 6.8 million current accounts have now been switched since the service was launched in September 2013.

Over the last twelve months 777,393 current account switches have been completed – a significant (COVID) reduction on the historic number of switches.

Q3 2020: CASS performance

The CASS insights show us that during Q3 2020:

  • The number of switches increased each month during the quarter with the switches completed in Q3 amounting to 136,575. Although the number of switches appear to be recovering form the first COVID lockdown the switches during Q3 remain well below pre-COVID switch levels.
  • More than 101 million payments have been seamlessly and transparently redirected from an ‘old’ (and closed) bank account to the ‘new’ bank account. One of the early fears for the CASS service was that payments directed to the ‘old’ bank account would result in ‘lost’ payments, the development of a ‘redirection table’ has proved to be an integral part of ensuring the success of the accounts witching service.
  • 77% in Q3 (down from 81%) of people are aware of the CASS service. Maybe this is due to the switch brand being prominently displayed by each of the participants – and, of course, the efforts of the Switch Guy:
  • 90% of people who have used the service over the last three years are satisfied with the CASS service:
Source: Pay.UK
  • Despite the disruption caused by COVID, 99.4% of switches have been completed within the seven working day switch timescale.
  • 85% of people who have used the service would recommend it to a friend.
  • 72% of switches say that their new current account provider is better than their old one – although 3% state that the new provider is worse!
  • The reasons people rate their new account as better are: 1: online banking (47%), 2: mobile banking (39%) and 3: customer service (37%).
  • 14% of consumers state that they are actively considering switching and a further 14% are thinking about it.
  • 78% of consumers think it would be easy to switch when using the CASS service.

Q2 2020: Participant performance

Pay.UK publish participant CASS data a quarter in arrears so today’s release provides insight to the COVID lockdown world of Q2 2020:

Source: Pay.UK

With the “high street” largely closed during Q2 switching activity was mostly online which, perhaps, favoured the current account providers with a strong digital on boarding process.

Of the 49 brand participants only 6 brands recorded a net gain of accounts (note: a number of brands are included in a catch all ‘low value participant’ category which recorded 330 gains and 1,275 losses so it is possible that an individual brand or two made a small net gain).

Pay.UK publish the information in alphabetical order but sorting based on net gains / losses provides an interesting picture.

Based on net gains the Q2 CASS winners and losers are:

1: Staring Bank: +11,998

2: Monzo: + 11,393

3: Nationwide: +10,083

4: NatWest: +4,134

5: Triodos: +410

6: Bank of Scotland: +228

7: Ulster: -31

8: Danske: -80

9: Bank of Ireland: -178

10: AIB: – 196

11: Clydesdale: -226

12: Co-operative: -297

13: Tesco: -724

14: Lloyds: -1,698

15: Royal Bank of Scotland: -1,799

16: HSBC: – 2,192

17: TSB: -3,046

18: Barclays: -3,325

19: Halifax: -10,019

20: Santander: -12,532

Low volume participants lost a total of 945 accounts but have been omitted from the above table.

Conclusion

With just 777,000 switches over the last twelve months it is clear that the COVID pandemic has had a significant impact on the number of consumers switching their bank account.

This reduction was particularly apparent during the Q2 lockdown period where it appears that banks with a solid digital proposition and smooth digital on-boarding process made significant gains.

Pleasingly, despite the challenges presented by the pandemic, the day to day operation of the service by Pay.UK (and its providers) and the participating brands remained robust and to published service guarantees were met.

The redirection of payments from ‘old’ to ‘new’ accounts has provided its worth with over 101 million payments being ‘repaired’ since launch with no impact to the submitter or the receiver of the payment. Whilst the argument to ensure a payment follows a clean journey this form of ‘masking’ is proving to be a real asset to the trust and confidence of the overall switching service

Q2 switches saw a lot of participants with net overall loses but ‘hats off’ to Starling, Monzo, Nationwide, Triodos and Bank of Scotland for achieving net gains.

A first time at the top of the charts for Starling and proof that niche banks like Triodos can snatch accounts from the bigger players.

All data sourced from: https://www.wearepay.uk/wp-content/uploads/Q3-Dashboard-2020.pdf