The UK’s Current Account Switching Service (CASS) plays a vital role in helping consumers and businesses make the most of their money by providing a simple and stress-free way to move their current account. In these unprecedented times, the smooth working of the service is more important than ever.
Pay.UK have published the Current Account Switch Service Annual Report – three key take aways:
- All regulatory KPIs met in 2020, including high satisfaction, completion times and awareness. Despite the pandemic, CASS achieved its overall 75% awareness target for 2020.
- Over 700,000 switches took place through the service in 2020, taking the total number of switches to above 7 million since the launch of the service in 2013.
- CASS’ strategic approach aims to have a long-term impact on the way banking services are delivered and consumers’ future needs are met.
Pay.UK report the following breakdown of their regulatory KPI’s:
- 99.5% of switches were completed within 7 working days.
- Consumer satisfaction ratings averaged 92% across the year.
- CASS exceeded its overall 75% awareness target for 2020, maintaining a positive engagement rate, with 79% of consumers saying they are aware of the service.
The total number of current accounts switched through the service in 2020 was 704,560 including 652,369 personal and 52,191 business current account switches.
More: CASS Annual Report.