Affiliates Drive Current Account Switching

The Current Account Switch Service Dashboard reveals that between October and December 2022 376k switches took place; the highest quarterly figure on record. This was up from 222k on the previous quarter and November 2022 saw the highest total amount of monthly switches ever according to Pay UK.

Optimise has been working with our brands to help drive switches and for one leading UK bank the affiliate programmes drove 2% of all UK bank switches.

With such a drive from consumers to switch banks Optimise identified new partners to secure the desired growth. FinTech Snoop, the award winning money management and saving app. Snoop was a great fit for one banking brand, as their audience engagement is incredibly high with their app helping users to track their spend, cut their bills and control their finances. Since the launch of this activity, Snoop have delivered 15% of all current account switches for this brand since April 2022.

According to Pay UK 25% of consumers are focused on the interest rate gained through a current account and continues to be the fourth most important factor when switching, Whilst high numbers of switching are starting to be seen there are still millions of consumers who have never switched a targeted affiliate campaign can drive new customers if you overlay a simple incentive this gives consumers an additional driver to switch bank accounts.

Contact the Optimise team today to discuss your affiliate or reward marketing.