{"id":962433,"date":"2025-11-13T13:57:20","date_gmt":"2025-11-13T13:57:20","guid":{"rendered":"https:\/\/ukpostcode.org\/content\/?p=962433"},"modified":"2025-11-13T13:57:20","modified_gmt":"2025-11-13T13:57:20","slug":"barclays-and-santander-report-largest-current-account-losses-following-service-outages","status":"publish","type":"post","link":"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/","title":{"rendered":"Barclays and Santander Report Largest Current Account Losses Following Service Outages"},"content":{"rendered":"<p>&nbsp;<\/p>\n<hr \/>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#What_happened\" title=\"What happened\">What happened<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Why_the_outages_appear_correlated_with_account_losses\" title=\"Why the outages appear correlated with account losses\">Why the outages appear correlated with account losses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Case_Study_Highlights\" title=\"Case Study Highlights\">Case Study Highlights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Implications_Commentary\" title=\"Implications &amp; Commentary\">Implications &amp; Commentary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Case_Study_1_Barclays\" title=\"Case Study 1: Barclays\">Case Study 1: Barclays<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#What_happened-2\" title=\"What happened\">What happened<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Why_it_matters\" title=\"Why it matters\">Why it matters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Further_commentary\" title=\"Further commentary\">Further commentary<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Case_Study_2_Santander_UK\" title=\"Case Study 2: Santander UK\">Case Study 2: Santander UK<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#What_happened-3\" title=\"What happened\">What happened<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Why_it_matters-2\" title=\"Why it matters\">Why it matters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Further_commentary-2\" title=\"Further commentary\">Further commentary<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Broader_Insights_Commentary\" title=\"Broader Insights &amp; Commentary\">Broader Insights &amp; Commentary<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#1_Customer_switching_behaviour\" title=\"1. Customer switching behaviour\">1. Customer switching behaviour<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#2_Risk-and-cost_for_banks\" title=\"2. Risk-and-cost for banks\">2. Risk-and-cost for banks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#3_Competitive_and_regulatory_environment\" title=\"3. Competitive and regulatory environment\">3. Competitive and regulatory environment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#4_Implications_for_customers\" title=\"4. Implications for customers\">4. Implications for customers<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/ukpostcode.org\/content\/barclays-and-santander-report-largest-current-account-losses-following-service-outages\/#Final_Thoughts\" title=\"Final Thoughts\">Final Thoughts<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_happened\"><\/span>What happened<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Barclays and Santander suffered <strong>major IT or service outages<\/strong> earlier in 2025, which disrupted online and mobile banking services for large numbers of customers. For example:\n<ul>\n<li>Barclays experienced a multi-day outage at the end of January 2025, during which 56 % of online payments failed. (<a title=\"Barclays to pay out up to \u00a37.5mn to customers after 3-day IT outage\" href=\"https:\/\/www.ft.com\/content\/52cfc63b-2d14-48b7-b5a9-42879c74cd4b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/li>\n<li>Santander UK also had a disruption that left customers unable to make online or card payments; the outage affected mobile and telephone services. (<a title=\"Hundreds of Santander customers in UK hit by banking problems\" href=\"https:\/\/www.theguardian.com\/business\/2025\/mar\/06\/santander-uk-customers-mobile-banking-payments-transfers?utm_source=chatgpt.com\">The Guardian<\/a>)<\/li>\n<\/ul>\n<\/li>\n<li>Following these disruptions, the banks saw significant numbers of current\u2010account customers switch away. According to data from the Pay.UK \u201cCurrent Account Switch Service\u201d (CASS):\n<ul>\n<li>Barclays saw over 22,000 customers switch away in the quarter to June 2025, with fewer than 4,000 switching in, giving a <strong>net loss of more than 18,000<\/strong> accounts. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<li>Santander UK recorded a <strong>net loss of approximately 23,015<\/strong> current accounts in the same period (three-month quarter) due to more customers leaving than joining. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<\/ul>\n<\/li>\n<li>The volume of switching overall was high: in one quarter (July-Sept 2025) there were about 265,000 full current account switches in the UK. (<a title=\"Santander, Barclays and Halifax lose out as a million people switch current accounts | The Independent\" href=\"https:\/\/www.independent.co.uk\/bulletin\/news\/santander-barclays-halifax-customer-losses-b2855945.html?utm_source=chatgpt.com\">The Independent<\/a>)<\/li>\n<li>Barclays has said it expects to pay up to <strong>\u00a37.5 million<\/strong> in compensation to customers due to the outage mentioned above. (<a title=\"Barclays to pay out up to \u00a37.5mn to customers after 3-day IT outage\" href=\"https:\/\/www.ft.com\/content\/52cfc63b-2d14-48b7-b5a9-42879c74cd4b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Why_the_outages_appear_correlated_with_account_losses\"><\/span>Why the outages appear correlated with account losses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Digital \/ mobile banking experience is a <strong>major factor<\/strong> for customers when choosing or switching a current account. According to Pay.UK\u2019s research cited: 44 % of switchers said \u201conline or mobile banking\u201d was their main reason for switching. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<li>Service outages undermine customers\u2019 confidence: inability to access funds or pay bills at critical moments (e.g., payday, tax deadlines) can drive customers to switch. For example:<br \/>\n<blockquote><p>\u201cFor families and individuals living pay-cheque to pay-cheque, losing access to banking services on payday can be a terrifying experience.\u201d \u2014 Meg Hillier, Treasury Select Committee Chair (<a title=\"Barclays to pay out up to \u00a37.5mn to customers after 3-day IT outage\" href=\"https:\/\/www.ft.com\/content\/52cfc63b-2d14-48b7-b5a9-42879c74cd4b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/p><\/blockquote>\n<\/li>\n<li>The data suggests that the banks with the largest service disruptions (in hours and severity) are also seeing higher net losses of accounts.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Case_Study_Highlights\"><\/span>Case Study Highlights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Barclays PLC<\/strong><\/p>\n<ul>\n<li>Outage: Multi\u2010day system failure in January 2025; 56 % of online payments failed. (<a title=\"Barclays to pay out up to \u00a37.5mn to customers after 3-day IT outage\" href=\"https:\/\/www.ft.com\/content\/52cfc63b-2d14-48b7-b5a9-42879c74cd4b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/li>\n<li>Compensation: Up to \u00a37.5 m expected payments to customers. (<a title=\"Barclays to pay out up to \u00a37.5mn to customers after 3-day IT outage\" href=\"https:\/\/www.ft.com\/content\/52cfc63b-2d14-48b7-b5a9-42879c74cd4b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/li>\n<li>Net Account Loss: &gt;18,000 accounts switched away in the quarter to June 2025. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<\/ul>\n<p><strong>Santander UK<\/strong><\/p>\n<ul>\n<li>Service Disruption: Mobile, telephone and card payment issues; many customers unable to make payments. (<a title=\"Hundreds of Santander customers in UK hit by banking problems\" href=\"https:\/\/www.theguardian.com\/business\/2025\/mar\/06\/santander-uk-customers-mobile-banking-payments-transfers?utm_source=chatgpt.com\">The Guardian<\/a>)<\/li>\n<li>Net Account Loss: Approx 23,000 net accounts lost in the same timeframe. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Implications_Commentary\"><\/span>Implications &amp; Commentary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Customer loyalty is fragile<\/strong>: Even large, established banks are vulnerable to customer churn if their digital service fails during critical windows.<\/li>\n<li><strong>Digital experience is table stakes<\/strong>: With so many switching options and switching processes streamlined, outages and poor performance become key competitive vulnerabilities.<\/li>\n<li><strong>Compensation is significant but may not fully offset reputational damage<\/strong>: While Barclays is committing up to \u00a37.5 m, the loss of thousands of customers suggests broader impact beyond direct payouts.<\/li>\n<li><strong>Switching market is active<\/strong>: With ~265,000 account switches in a quarter, banks must compete not just on rates and incentives but on reliability and service.<\/li>\n<li><strong>Regulatory scrutiny rising<\/strong>: The outages have drawn attention from the Treasury Committee and other regulators, meaning banks might face more stringent expectations around resilience and compensation.<\/li>\n<li>Here are detailed case studies and commentary on the situation involving Barclays PLC (\u201cBarclays\u201d) and Santander UK (\u201cSantander\u201d) \u2014 both of which recently reported significant net losses of current-accounts, in the context of major service outages.<br \/>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Case_Study_1_Barclays\"><\/span>Case Study 1: Barclays<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_happened-2\"><\/span>What happened<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>In early 2025, Barclays suffered a major IT outage: a three-day incident starting 31 January caused significant disruption, including a reported <strong>56 % failure rate of online payments<\/strong>. (<a title=\"Barclays to pay out up to \u00a37.5mn to customers after 3-day IT outage\" href=\"https:\/\/www.ft.com\/content\/52cfc63b-2d14-48b7-b5a9-42879c74cd4b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/li>\n<li>Barclays subsequently informed the Treasury Select Committee that it expected to pay up to <strong>\u00a37.5 million<\/strong> in compensation to customers. (<a title=\"Barclays to pay out up to \u00a37.5mn to customers after 3-day IT outage\" href=\"https:\/\/www.ft.com\/content\/52cfc63b-2d14-48b7-b5a9-42879c74cd4b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/li>\n<li>Data from the Pay.UK \u201cCurrent Account Switch Service\u201d (CASS) show that for the quarter ending June 2025, Barclays had over 22,000 customers switch away and fewer than 4,000 switch in \u2014 yielding a net loss of more than 18,000 current accounts. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Why_it_matters\"><\/span>Why it matters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Digital access and reliability appear to be strong drivers of account-switching behaviour. In the Pay.UK research, \u201conline or mobile banking\u201d was cited by 44 % of switchers as their top reason. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<li>For Barclays, this large net loss of accounts suggests that the outage had a meaningful effect on customer confidence and loyalty.<\/li>\n<li>Though compensation is being offered, the reputational cost and customer churn may represent a far larger long-term cost.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Further_commentary\"><\/span>Further commentary<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Barclays has emphasised that it will ensure customers are \u201cnot left out of pocket\u201d due to the outage. (<a title=\"Barclays IT glitch locks customers out of accounts for almost 24 hours\" href=\"https:\/\/www.theguardian.com\/business\/2025\/feb\/01\/barclays-it-glitch-locks-customers-out-of-accounts-for-almost-24-hours?utm_source=chatgpt.com\">The Guardian<\/a>)<\/li>\n<li>From a strategic perspective, Barclays faces increased competition from banks emphasising digital reliability and customer experience; an outage of this magnitude can amplify risk of customers switching.<\/li>\n<li>Analysts will view Barclays\u2019 experience as a warning for other large banks: service levels aren\u2019t simply operational issues but have direct implications for customer retention and switching risk.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Case_Study_2_Santander_UK\"><\/span>Case Study 2: Santander UK<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_happened-3\"><\/span>What happened<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Santander UK experienced a mobile\/online services disruption on 6 March 2025, which left customers unable to make certain payments or transfers. (<a title=\"Hundreds of Santander customers in UK hit by banking problems\" href=\"https:\/\/www.theguardian.com\/business\/2025\/mar\/06\/santander-uk-customers-mobile-banking-payments-transfers?utm_source=chatgpt.com\">The Guardian<\/a>)<\/li>\n<li>According to switching data, Santander recorded a <strong>net loss of ~23,015 current accounts<\/strong> (users switching away minus switching in) in the quarter. (<a title=\"Barclays and Santander see largest current account losses after outages - FStech\" href=\"https:\/\/www.fstech.co.uk\/fst\/Barclays_And_Santander_See_Largest_Current_Account_Losses_After_Outages.php?utm_source=chatgpt.com\">fstech.co.uk<\/a>)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Why_it_matters-2\"><\/span>Why it matters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Much like Barclays, the correlation between service outage and customer attrition is evident: the disruption occurred earlier in the year, and the switching losses followed.<\/li>\n<li>Santander\u2019s situation also highlights the modern banking environment: customers can (and will) move if digital services fail them, especially when easier switching is available.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Further_commentary-2\"><\/span>Further commentary<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>While Santander apologized and stated that no customer would be \u201cleft out of pocket\u201d as a result of its disruption. (<a title=\"Hundreds of Santander customers in UK hit by banking problems\" href=\"https:\/\/www.theguardian.com\/business\/2025\/mar\/06\/santander-uk-customers-mobile-banking-payments-transfers?utm_source=chatgpt.com\">The Guardian<\/a>)<\/li>\n<li>The bank still needs to manage reputational fallout and ensure that stability of its digital services is restored credibly.<\/li>\n<li>In competitive terms, large banks like Santander face the dual challenge of maintaining operational reliability <strong>and<\/strong> competing on customer experience, rates, marketing. Even short-term failures can tip the balance.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Broader_Insights_Commentary\"><\/span>Broader Insights &amp; Commentary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Customer_switching_behaviour\"><\/span>1. Customer switching behaviour<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>In the UK, the current-account switching service (CASS) shows significant movement: in 2024 around <strong>1.2 million current accounts<\/strong> were switched. (<a title=\"1.2m current accounts moved using switching service in 2024 | The Standard\" href=\"https:\/\/www.standard.co.uk\/business\/money\/1-2m-current-accounts-moved-using-switching-service-in-2024-b1208009.html?utm_source=chatgpt.com\">The Standard<\/a>)<\/li>\n<li>The data for Q3 2025 show major bank-specific losses: Santander net ~\u201323,000, Barclays ~\u201318,300, Halifax also a notable negative. (<a title=\"Lloyds and Santander the biggest losers from current account switching | LSE:LLOY\" href=\"https:\/\/www.proactiveinvestors.com\/companies\/news\/1081464?utm_source=chatgpt.com\">Proactive Investors<\/a>)<\/li>\n<li>Crucially: <strong>mobile\/online banking performance<\/strong> is now a leading reason consumers switch banks. The outages of Barclays and Santander arguably catalysed the switching.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2_Risk-and-cost_for_banks\"><\/span>2. Risk-and-cost for banks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Technical\/service outages lead not only to direct compensation costs (for example Barclays\u2019 \u00a37.5 m estimate) but also to <strong>longer-term customer churn<\/strong>. Losing ~18-23k customers in a quarter may translate into lost fee income, cross-sell opportunities, and brand damage.<\/li>\n<li>Banks must invest heavily in systems, resilience, monitoring \u2014 but the ROI is increasingly in <strong>avoiding loss<\/strong> rather than only in new growth.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"3_Competitive_and_regulatory_environment\"><\/span>3. Competitive and regulatory environment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Treasury Select Committee noted that UK major banks had accumulated over <strong>33 days\u2019 worth of unplanned outages<\/strong> in two years. (<a title=\"Britain's top banks clocked up 33 days' worth of IT glitches in two years\" href=\"https:\/\/www.reuters.com\/world\/uk\/britains-top-banks-clocked-up-33-days-worth-it-glitches-two-years-2025-03-06\/?utm_source=chatgpt.com\">Reuters<\/a>)<\/li>\n<li>Regulators and policymakers are focusing more on operational resilience, customer redress and digital reliability: banks may face higher regulatory scrutiny if outages become frequent.<\/li>\n<li>From a competition perspective, banks with strong digital platforms and reliable services (including neobanks) gain an edge: the switching data show small banks or building societies gaining from large-bank failures.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"4_Implications_for_customers\"><\/span>4. Implications for customers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>For customers: these cases emphasise the importance of <strong>service reliability<\/strong> when evaluating banks \u2014 not just interest rates or perks.<\/li>\n<li>If your bank suffers a major outage and you experience actual losses (missed payments, fines from failed transfers, etc), you may have a claim for compensation or redress; both Barclays and Santander have made public commitments in this area.<\/li>\n<li>Switching current account providers is now easier than ever (via CASS) and many customers use service reliability as a decision driver.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts\"><\/span>Final Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The cases of Barclays and Santander illustrate a shift: operational glitches that might previously have been seen as short-term nuisances are now <strong>material business risks<\/strong> for banks. Loss of trust, account attrition and reputational damage all follow when customers cannot access their money or services.<\/p>\n<p>For Barclays and Santander:<\/p>\n<ul>\n<li>The immediate numbers are stark: tens of thousands of lost accounts in a quarter.<\/li>\n<li>The longer-term challenge is rebuilding trust, ensuring no repeat outages, and retaining customers who may now view switching banks as low-hassle.<\/li>\n<li>For the industry, the lesson is clear: digital reliability and customer experience are now core competitive fields \u2013 not just \u201cnice-to-have.\u201d<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li><\/li>\n<\/ul>\n<p>&nbsp;<\/li>\n<\/ul>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What happened Barclays and Santander suffered major IT or service outages earlier in 2025, which disrupted online and mobile banking services for large numbers&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,6],"tags":[],"class_list":["post-962433","post","type-post","status-publish","format-standard","hentry","category-gb-news","category-uk-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Barclays and Santander Report Largest Current Account Losses Following Service Outages - UK News &amp; 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