More than 4 million people find the Current Account Switch Service Satisfactory
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The Current Account Switch Service (CASS) is a service that is free to use that makes it easy to switch one’s business or personal account between building societies and banks. CASS was launched in 2013 and was aimed to benefit small businesses, small trusts, small charities, and other consumers. The aim of the service was to support new banks entering into the marketplace of current accounts and enable customers to make choices if they want to switch from one building society or one bank to another.
“Since CASS launched, the service has had a significant impact on UK consumers. Over 3.5 million consumers have switched and the service has performed almost faultlessly in operational terms. The UK boasts a world-leading switch service in CASS and it has become a key example of the new breed of initiatives that helps place control in the hands of consumers”, Jo Kenrick, the CASS executive Committee Chair.
The five steps to switching, as described by TNS include: finding out the reason for switching, estimating the existing current account value, finding out the personal benefits for switching, finding out whether the switching process would be easy, and deciding if switching is really the right choice. Switching reasons include earning interest on credit balance, cutting overdraft costs, collecting cashback or spending rewards, and aiming for better services.
The third quarter of 2017 saw an increase in the number of switches, especially in November. The current level of consumer awareness for the CASS service is 82 percent. In the last quarter of 2017, 93 percent of those who used the CASS service for the past three years claimed that the services offered were satisfactory. Completion of switches took seven days for 93.3 percent of the switches. A university student Verdict said “So far, the switching service has been great. My new account was open on the seventh working day, my funds were transferred over, direct debits and standing orders correctly set up and I’ve been using my new debit card without a problem).
Currently, the number of switches that have been processed are about 4.5 million. Between January 2017 and December 2017. The number of redirected payments using the service is currently more than 38.4 million payments. In addition, there are 46 brands that participate in the Current Account Switch service. Advertising campaigns run by Current Account Switch Service reached about 98.6 percent of the 18 to 24 population in UK
The Current Account Switch Service campaign is very important to its customers specially young adult (18 to 24) to raise their awareness more about this service. CASS protects their money and other assets owned by them in case of firm failures. CASS also upholds the integrity of the UK’s financial system by giving their customers confidence that their assets and money are protected in case of insolvency. CASS is currently engaged in several social media advertisements in platforms such as Instagram, Facebook, Twitter and You Tube with their target audience being 18 to 24 year olds. Recently, CASS flagged off a competition that involved any lucky customer getting cashback at the stores in High cross Leicester. The competition lasted for a period of six months, and was successful.
This press release targets youth between 18 and 24 years. The reason behind this is that the people in this age bracket are more unlikely to use Current Account Switch Service. But they constitute the largest percentage of online users in UK and in the world. This press release is more likely to reach them since it will be put up in social media sites and other forms of public media. This press release will achieve the objective of reaching many young people between the ages of 18 and 24 since it provides all the information in regard to CASS. The information includes the number of days it takes to process the switching service, reasons for switching, the importance of CASS, and the facts and figures about CASS. This press release also gives the necessary background information concerning CASS. It also gives the benefits that the customers will get from using the CASS service such as cash back and overdraft.
This press release will be sent to written media, and other forms of public media such as social media, televisions and radios. The focus, however, will be on social media since most young people visit social media sites such as Facebook, Instagram, and Twitter. The press release in print media will also target the adult UK population that will be likely to benefit from the service. My target publications include Metro, The Guardian, Campaign and The sun magazines.
In the second half of 2015, Metro newspaper sold more than 1.34 million copies (Statista, 2016). The newspaper HAS 3.2 million daily readers. The target audience for Metro is the urban audience, which is cash rich but time poor. Choosing this magazine for the press release will ensure that more people who use accounts or own businesses are reached.
The target audience for The Guardian consists of 76 percent of affluent people who are curious to embrace technology and change (Statista, 2016). Affluent people will be a good audience for the press release. 42 percent of the readers are adults between 15 and 34 years of age. The newspaper is also likely to reach CASS’s target audience.
The sun has more than 28 million daily reads in a day (UK, 2018). This includes print, computer and mobile phone reads. More than 12 million young adults read the newspaper in a day (Newsworks, 2018). Therefore, it will be a good choice for press release since its audience is very wide and the target audience is very likely to read about CASS if published in The Sun.
The Daily mail
The Daily Mail has more than 29 million readerships per day, including mobile, print and personal computer readerships (Newsworks, 2018). More than 13 million adults read it, and it would therefore be easier for the press release to reach the target audience through the newspaper.
Bacs, 2018. CURRENT ACCOUNT SWITCH SERVICE DASHBOARD. [Online]
Available at: https://www.bacs.co.uk/DocumentLibrary/CASS_dashboard_-_published_24_Jan_18.pdf [Accessed 11 March 2018].
CASS, 2016. CURRENT ACCOUNT SWITCH SERVICE EXECUTIVE REPORT, London: s.n.
Lwton, D., 2014. CASS compliance – the bigger picture. [Online]
Available at: https://www.fca.org.uk/news/speeches/cass-compliance-%E2%80%93-bigger-picture [Accessed 11 March 2018].
Nationwide, 2017. Current Account Switch Service: Your guide to switching your current account to us. [Online]
Available at: https://www.nationwide.co.uk/-/media/MainSite/documents/products/current-accounts/shared/p2205-7day-switcher-leaflet.pdf [Accessed 11 March 2018].
Newsworks, 2018. Daily Mail. [Online]
Available at: http://www.newsworks.org.uk/daily-mail [Accessed 13 March 2018].
Statista, 2016. Circulation of Metro newspaper in the United Kingdom (UK) from 1st half 2003 to 2nd half 2016 (in 1,000 copies). [Online]
Available at: https://www.statista.com/statistics/288430/metro-newspaper-circulation-trend-in-the-uk/ [Accessed 11 March 2018].
Supermarket, M., 2018. Why switch current account. [Online]
Available at: https://www.moneysupermarket.com/current-accounts/switching-bank-accounts/
[Accessed 11 March 2018].
UK, P., 2018. Current Account Switch Service. [Online]
Available at: https://www.paymentsuk.org.uk/projects/current-account-switch-service
[Accessed 11 March 2018].