TSB has this week come out with a strong criticism of the Competition and Market Authority (CMA)'s now 12 month old conclusions on how competitive the retail banking market is. Figures indicate that the number of people switching their account has fallen by 14%.
TSB therefore disputes whether the model and process is really working, citing its own research that there is a huge lack of awareness of the current account switching service.
Interesting to compare these figures with those in the energy market (another sector which often receives significant comment about its competitiveness) where it was reported this week that the number of people switching their accounts has risen this year (actually by the same figure, 14%), with 3 million having switched in the year to July.
Whilst not saying they're comparable - the complexities of switching are potentially both in practice and in perception, harder - perhaps the comparison adds weight to TSB's position that still more needs to be done in the banking sector.
That said, even then in a market of low interest rates, retail customers may be indifferent thinking that 'more competition just means more of the same' and so the USP for financial services providers is ever more key.
In the past 12 months since the publication of the CMA's final report, the number of people using the Current Account Switching Service (Cass) has fallen by 14%.