Current Account Switch Service Performance Report Q4 2023

This report provides an overview of the Current Account Switch Service's performance for the fourth quarter of 2023, covering the period from October 1 to December 31, 2023. It details the total number of switches completed, which reached 433,701, marking the highest total ever recorded in a single quarter. Since its launch in 2013, the service has facilitated over 10.2 million switches and redirected 145.7 million payments. The report also highlights consumer awareness and satisfaction levels, with awareness at 77% and satisfaction at 87% among users in the last five years. The report notes that 99% of switches were completed within the promised seven working days. Additionally, it discusses the advertising campaign launched in early 2024 aimed at increasing awareness of the service. The report includes data on net switching gains for various banks and emphasizes the high confidence levels among users regarding the switching process.