The UK based Current Account Switching Service, or CASS reached important milestones with 5 million account switches and awareness among the population of 80 percent; while the milestones show some success the program has a long way to go with only 1.5 percent of account holders switching; fintechs and banks need to do a better job at incentivizing switching with offers; Jo Kenrick, chair of the Current Account Switch Service, wrote alongside the report according to AltFi: “Now as we look forward, we aim to make more people aware of the Service and ensure those considered financially vulnerable, know that they too can benefit from switching.” Source.
