Pay.uk 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.