Yet another gloomy report about bank switching not really accelerating under the CASS scheme. It is blindingly obvious that making switching easier (which is certainly what CASS does) will oil the process, and, to be fair, it has. So for that CASS should be welcomed.
However the real issue is not how to make switching easier, but to make people keen to switch to something so markedly better that it is worth the undoubted hassle (with or without CASS).
So the question should be first and foremost, not how do we make it easier, but how do we make it desirable in the first place?
That will be the right question, and the right answers are already emerging with the likes of coming soon Atom, laready there Ffrees,, probably Mondo and others announcing daily.
Two million bank customers have used the seven-day switching service to jump from on bank to a rival in the first two years of the service. The system was designed to make it easier to move bank, enhancing competition and giving unhappy customers a way to try out an alternative service. However, the 2m number falls well short of the 5m per year that some in the industry expected when the system was launched in 2013. With almost 50m current accounts open in the UK, the 2m figure indicates that just 2pc of customers are using the seven-day system each year. Even before the scheme was announced, some years saw more than 1m people move bank, indicating the system has only had modest success in encouraging mobility in the market.