FIN. reports on account switching progress has reported on the first 9 years of CASS. Among its key findings are:

  • the PCA markets in 2021 was 21% less concentrated than in 2010, and there has been significant product innovation and improvement, particularly for digital products;
  • customer inertia has decreased, but 80% of customers have not changed the way they view their bank or started using other providers as a result of the pandemic. While people were generally open in principle to the idea of switching, few actively search for a new provider;
  • competition over headline deals for PCAs has gradually decreased over the past 5 years;
  • the largest banks still have a significant incumbent advantage, although digital bank brands continue to grow;
  • switching dropped rapidly during the pandemic as rewards and other incentives for new customers stopped being available;
  • CASS continues to work well; and
  • harms are felt most by those who are least engaged in the market, with the perception of switching worse among non-switchers.

Emma Radmore