More than one million banking customers switched their accounts in 2019, according to data released by the Current Account Switch Service (CASS).

Its latest report found that more than 6.3 million switches have been approved since the service launched in 2013, as customers exercise their right to access new services and benefits with the rise of digital banking.

CASS reported that three more major banks - Habi Bank, Zurich and Unit Trust Bank - joined the switching service last year, taking the total to 49 participating institutions covering 99 per cent of the market.

Nearly all (99.2 per cent) of account switch requests were completed within a seven day period, with 80 per cent of consumers saying they were aware the service exists should they wish to change their banking provider.

In 2020, CASS said it was aiming to work with the banking ecosystem to understand more about small and medium-sized enterprise (SME) banking needs and how the banking sector serves them. New research will look to understand how SMEs approach and choose their banking services.

Paul Horlock, chief executive of Pay.UK, owner and operator of the Current Account Switch Service, said: “The Current Account Switch Service continues to engage effectively with the ecosystem to ensure that it remains at the heart of the consumer debate on financial inclusion.

“It maintains strong engagement with UK current account providers, their customers and the emerging services provided by new technologies like Open Banking - by understanding the changes in the supply of services and the behaviour of consumers it has successfully established itself as a key part of the discussion into the future of current account services in the UK.”

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