Today, we have launched a new Current Account Switch Service discussion paper, entitled ‘Consumer Switching: Challenges and opportunities for current account switching from the Competition and Markets Authority retail banking reform’.
The publication explores the role of the switching ecosystem in the context of open banking and the opportunities facing both the switching service, which is now part of the New Payment System Operator (NPSO), and the wider community.
The paper also looks at possible options for the practical application of innovative, consumer-centric technology that could enhance and even transform a consumer’s switching journey.
But why is this important? Well, given the rate and scale of change across the sector, we want to help spark further discussion and debate on how the switching ecosystem can harness technological and regulatory change to deliver real and tangible benefits for end-users.
As the UK’s flagship switching service, and having delivered simple, reliable, and stress-free account switching for the last five years, we believe we are perfectly positioned to play a major part in what promises to be an exciting future.
It is only by taking a co-ordinated and collaborative approach to tackling the challenges and embracing the opportunities of the future that we can really deliver the best outcomes for all, both now and in the longer-term.
You can read the publication here and we’d love to get your thoughts on how we can work together.