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Chase joins the Current Account Switch Service

Tuesday 13 June 2023 12:11 CET | News

JPMorgan Chase’s UK retail banking unit has joined the Current Account Switch Service (CASS) to improve the banking experience of consumers.

 

According to retailbankerinternational.com, since it began its operations in 2013, CASS has facilitated over 9 million current account switches and redirected 134.4 million payments. The same source reports that, in 2022, 99% of switches were completed within 7 working days while customer satisfaction averaged 91%. 

Chase representatives talked about this current milestone and revealed the financial services company’s goal to make it easier for consumers to do their banking with Chase. They also talked about the importance of switching current account providers in a stress-free way so that customers can make better decisions and improve their financial well-being. 

Officials from Pay UK, which is the recognised operator and standards body for UK interbank retail payment systems, brought up the emergence of new banks as well as the importance of offering a quick, free, and guaranteed way of switching accounts.

 

JPMorgan Chase’s UK retail banking unit has joined the Current Account Switch Service (CASS) to improve the banking experience of consumers.

 

7-day account switching in the UK

Pay UK’s most recent batch of quarterly figures revealed that 7-day switching in the UK has reached a quarterly record high. These numbers refer to a three-month period until the end of March 2023 and report 341,075 switches in Q1 2023. Since the initial launch of the service in 2013, the total number of switches has reached 9.1 million. 

The annual figure peaked in 2014 at 1.16 million, but the annual total dipped in each of the next four years to 1,033,939 in 2015 and to 1,010,423 in 2016. By 2017 (931,956) the figure was back below the one million total and fell again to 929,070 in 2018. 2021 saw the sharpest annual number drop to 782,223.

Other developments from Chase UK

Chase UK launched a current account that provides 1% cashback on everyday debit card spending for the course of a year. The account pays 1% AER interest on the credit balance and also provides 5% AER interest on its round-up account, which can be used for small change round-ups. The Chase saver account linked to the current account offers a saver account with a 3.3% interest rate. 

The company’s Travel With Chase offering allows cardholders to benefit from 1% cashback when they book their flights using their Chase debit cards. In addition, they are also eligible for 1% cashback on their everyday debit card spending while they’re away. The company’s currency converter uses Mastercard's exchange rate, and there are no extra transaction fees or mark-ups.


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Keywords: banking, retail banking, bank account, customer experience
Categories: Banking & Fintech
Companies: Chase
Countries: United Kingdom
This article is part of category

Banking & Fintech

Chase

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