The number of business account switches in Q2 2019 has more than doubled compared with the same period last year, according to the latest research.
The Current Account Switch Service has revealed that 17,687 business account switches took place in Q2 2019, compared with just 8,000 in Q2 2018.
This latest total also represented a positive increase on the figure for Q1 2019.
Other highlights from the research included:
- 246,974 switches for business and current accounts were successfully completed in Q2 2019
- awareness of, and satisfaction in, the Current Account Switch Service remained high at 79% and 92% respectively through April, May and June 2019
Matthew Hunt, COO at Pay.UK as well as owner and operator at the Current Account Switch Service, said: “It’s encouraging to see a rise in business accounts being switched using the Current Account Switch Service.
“It is very important to us that businesses know they can switch their accounts too, so we’re pleased to see the sizeable increase in the number of SMEs making use of this.
“There can be many benefits gained from switching current accounts and our aim is to continue to ensure that consumers are aware of the options available to them, and to switch providers simply and easily in the event they choose to do so.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...