It’s hard to believe that another year has passed, but today we published our second Current Account Switch Service annual report.
As is often the way, it’s only when you take a moment to review the last 12 months that you realise just how much progress has been made, and how many successes we can celebrate.
The 2016 report set-out how we had worked to meet the CMA undertakings around governance, strengthening the customer guarantee, increasing awareness levels among all groups, and working with industry partners to further simplify switching for overdraft users, and we were delighted to build on this work in 2017.
For instance, our research-led marketing campaigns have helped us push awareness of this service to new highs, reaching 84 per cent in October 2017. As part of these efforts we also tailored bespoke campaigns to target those groups which we know, traditionally, have been harder to reach such as the 18-24 group.
As well as rising awareness levels, it is particularly pleasing to see that 95 per cent of those using the service are satisfied with it, while two-thirds say they are very satisfied. And this is the real litmus test; ensuring that the service delivers on its promises and is fit for purpose.
It’s clear from the feedback we’re getting that it is doing just that, but we won’t be resting on our laurels. During 2018 will be continuing our work to meet the needs of all end-users.
On a personal level, I am immensely proud of the work that Bacs has done as custodians of the service throughout 2017, promoting its benefits to a broader audience than ever before and undertaking research to future-proof the service, whilst maintaining operational excellence.
So, as we prepare to mark the fifth anniversary of simple and stress-free switching later this year, let’s take a moment to reflect on the great progress made so far, and look forward to another busy 12 months as we strive to put consumers and SMEs at the heart of all that we do.