Select a page

Banking News

Rise in new entrants sees increase in Current Account Switch Service among businesses

Rise in new entrants sees increase in Current Account Switch Service among businesses

(25 July 2019 – United Kingdom) The UK's Current Account Switch Service (Cass) is reporting growing traction with business users, as alternatives to the big banks begin to enter the market.

Initially pitched to consumers as a streamlined way to move accounts between providers, the service is increasingly being used to woo businesses away from the Big Four lenders.

During Q2, Cass saw 17,687 business account switches using the service - a positive increase from Q1 2019. The numbers may still be modest but are indicative of a clear upward trend. Results show that the number of switches has more than doubled when compared to the same period last year, when just 8,000 business accounts switched. 

The rise in business account switching comes as new entrants - bolstered by funding from the Banking Competition Remedies Board - arrive on the scene, along with the publication of the Service Quality Metrics - an FCA mandated practice providing information on current accounts. An SME targeted campaign across multiple media resources in February has also helped raise awareness of the service.

Comment on this article

 

Your comments will not be published. Required fields are marked *

 

Please enter the word you see in the image below:


Subscribe

Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.