Starling Bank had the highest net gains for current account switchovers in the first quarter of the year.
According to the latest Current Account Switch Service (CASS) Dashboard, 17,769 people switched to the challenger bank over the period.
Starling was closely followed by Virgin Money, who saw 17,495 people switch over to its current account. This number includes Clydesdale and Yorkshire Bank brand switches as a result of the 2020 merger.
“Starling is once again the most popular bank for switches, despite offering no signing-on bonuses,” said Anne Boden, chief executive, Starling Bank. “Customers are attracted to the value Starling brings through its banking app, which allows them to track spending in real-time and do their banking on the go, and our better customer service. In a few short years, we’ve become a trusted mainstream bank.”
7,744 people switched over to Monzo, while 1,474 moved to Nationwide, and a further 1,448 decided to join the Bank of Scotland.
The most commonly cited reasons for favouring a new current account remain ‘non-financial’, as has been the case throughout the pandemic.
In the second quarter of 2021, consumers favoured better online banking facilities (47 per cent), stronger customer service (39 per cent), ease of mobile or app-based banking systems (39 per cent) and location of branches (25 per cent) in their new current account.
Of those who completed a switch using the Current Account Switch Service, 70 per cent say they prefer their new current account, with only 2 per cent stating that their new account was worse.
Overall, 93 per cent of CASS switchers were satisfied with the switching process.
“As the roadmap to the COVID-19 recovery was outlined and clarity around timings increased, we saw a rise in current account switches through the Current Account Switch Service through Q2,” said David Piper, head of service lines, Pay.UK, owner and operator of CASS. “It’s too early to tell whether this trend will continue as we head further into 2021, but as a service we remain focused on ensuring those who wish to move their current account can do so in a reliable, simple and stress-free manner.”
The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.
The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.
Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.
This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.
This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories