Introduced in 2013, the Current Account Switch Service (Cass) in the UK has had incredible success. It has had great success in just finishing over 11.6 million account switches. This new service saves consumers a significant amount of time when switching financial accounts. They’re able to easily transfer salary payments, direct debits and standing orders to new bank. Even with the ease of switching banks, most customers would remain too afraid to jump ship. In the process, they’re foregoing potential financial savings and the opportunity to lessen their negative impact on the environment.
Just in the first quarter of 2025 Cass was able to finish 222805 switches. During the year prior to the March 2025 switch, over one million switches occurred. This astounding feat is a testament to the tenacity of the service to be efficient, with 99.7% of switches completed within seven working days. Almost all—close to 90%—of those who have used Cass reported a positive experience with the process.
The Reluctance to Switch
Despite these promising statistics, research indicates that without intervention, only about 5% of customers would consider switching to a better account. This reluctance persists despite the availability of financial education initiatives aimed at improving awareness and encouraging behavior changes regarding banking options. A meta-analysis of more than 160,000 people found that public educational campaigns were virtually ineffective at encouraging people to make real behavioral changes.
“If I get the job then I’ll increase the amount I save” – [source not specified]
This statement reflects a common mindset among individuals who tend to wait for external changes, such as a new job, to consider adjusting their financial habits. Despite these initiatives, the gap between knowledge and action is still a major hurdle for students looking to change banks.
Recent meta-analyses found that creating specific plans markedly increases likelihood of achieving goals. In research testing 94 unique interventions, creating an “if-then” strategy led to medium-to-large increases in reaching financial targets. Similarly, a comprehensive analysis of 23 million participants found that “nudges”—subtle prompts designed to encourage specific behaviors—resulted in an average increase of about 1.4 percentage points in behavior changes.
Benefits of Switching
Changing bank with the Current Account Switch Service takes the stress out of changing. It’s good for the planet, too! Most customers don’t know that their banking decisions can help protect the planet. By moving their money to banks that focus on sustainability, people can make a meaningful positive impact on their carbon footprint.
The promises given by Cass about direct debits and standing orders make customers even more confident. The guarantee that individuals’ payments will be unaffected during a transition soothes prospective worries about a sudden, unwanted change to their financial commitments.
Despite myriad offerings and competitive loyalty incentives, most customers continue to make the same choice as their peers—stay with their existing bank. They usually point to comfort and familiarity as the reasons for their reluctance.
Financial Education and Behavior Change
Attempts to improve people’s financial literacy have yielded mixed results. As revealed by our earlier meta-analysis, these education campaigns only accounted for less than 0.1% of behavioral changes related to money. Math or financial education will increase your interest and knowledge about the banking resources available. That doesn’t always push you to do anything, such as moving your account.
The problem that financial institutions and other organizations advocating the Current Account Switch Service now have is turning that knowledge into behavior. With Balanced Mobility, they have to get a little more creative about how they’re incentivizing customers to try out new services.
Nudges are the most cost-effective way to achieve behavior change. This indicates that subtle nudges can go a long way in helping people make the move to non-commercial accounts. In other words, nudges like reminders or rewards might encourage consumers to accurately assess their banking choices and profitability.