Current Account Switch Service Performance Report Q2 2024

This document is a performance report for the Current Account Switch Service covering the period from April 1, 2024, to June 30, 2024. It provides detailed statistics on the number of account switches, customer satisfaction levels, and awareness of the service. As of Q2 2024, the service has facilitated over 10.9 million switches since its inception in 2013, with 313,293 switches completed in the second quarter alone. The report notes that 99.7% of these switches were completed within the promised seven working days. Consumer awareness of the service stands at 79%, with satisfaction rates at 91%. The report also highlights the effectiveness of an advertising campaign that reached 99% of adults, contributing to increased awareness. Additionally, it discusses the performance of various banks, indicating that NatWest had the highest net switching gains during this period. The document concludes with insights into consumer preferences for new accounts, emphasizing the importance of online banking features and customer service.