Current account switches of banks in the UK Q3 2023, by net gain/loss
The volume of bank account switching (using the "current account switch service", CASS; offered by the Payment's Council) listed for leading United Kingdom (UK) banks in the third quarter of 2023 was the highest for NatWest. The bank had a net gain of over 59,000 current account customers during this period. During the same period, Santander had the highest recorded net losses, with more than 27,000 current account customers switching to other banks.
How many customers switch current account in the UK?
In 2023, more than 100,000 people in the United Kingdom switched from their main current account provider every month. Triodos Bank, the bank with the highest ratio of bank customers gained, saw roughly 0.7 customers join the bank for every one that left in the third quarter of 2023.
Customer growth of disruptor banks
The introduction of mobile-based digital banks such as Revolut and N26 has seen customers flock to disruptors by the millions. Low fees, ease of use, and a user-friendly interface have made disruptor banks a cause of concern to incumbents in the future. It is not only customers that have been attracted to these disruptors. Venture capital backed funding has enabled several online banks to reach unicorn status.
