Business & Technology
Nationwide £100 payout helps it top bank switching charts
Nationwide Building Society has once again come out on top as the UK’s most switched-to current account provider, with its £100 “Fairer Share” payment playing a key role in attracting customers.
The building society has handed out the bonus for three years running — and says it hopes to do so again.
£100 payments year after year
Unlike traditional banks, Nationwide says it can return more money to customers because it has no shareholders.
Tom Riley from Nationwide Building Society said: “Because we don’t have shareholders, we can give more back to our members.”
He added: “That’s why we’ve paid our £100 Fairer Share to eligible members for the last three years and hope to do so again this year.”
Switching boom as customers hunt value
New figures show bank switching is surging, with more than 319,000 switches in the first three months of 2026 – up 43% on the same period last year.
The data from Current Account Switch Service highlights a growing trend of customers moving accounts in search of better deals, perks and savings.
Nationwide led the way with over 64,000 net gains, far ahead of rivals.
Big banks losing customers
While Nationwide gained, several major banks saw significant losses:
- Halifax lost over 25,000 customers
- HSBC saw losses of more than 20,000
- Santander UK dropped nearly 24,000
Meanwhile, Barclays and Lloyds Bank were the next strongest performers behind Nationwide.
Why more people are switching
Experts say the cost-of-living squeeze is pushing more people to rethink their banking.
Rachel Springall from Moneyfacts said: “It is incredibly positive to see more consumers vote with their feet and ditch their current account.”
She added: “Consumers may struggle with the cost of living and need to quickly find ways to make their money go further, so switching a current account could be a wise move.”
Recommended reading:
Is switching really that easy?
Despite concerns, the process is designed to be simple.
The switching service automatically moves payments and guarantees customers will not lose money if anything goes wrong.
In fact, around 90% of users say they are satisfied with the process.
Business & Technology
AVK named among UK’s Best Managed Companies for 2026
AVK has been named among the UK’s Best Managed Companies for 2026 in an award run by Deloitte Private.
The recognition places AVK among private businesses assessed on strategy, culture and commitment, capabilities and innovation, and governance and financial performance. It comes during a period of expansion for the company, which supplies power systems for data centres and other organisations in the UK and Europe.
The UK Best Managed Companies programme is in its second year in Britain and is already established in more than 45 territories. It focuses on privately owned businesses, assessing their overall management performance and contribution to industry and the wider economy.
Recent milestones include the launch of what AVK described as Europe’s first microgrid for a data centre and the introduction of its PowerPods units, which combine critical electrical infrastructure in a transportable format. The company has also been expanding its operations and engineering base across the UK and Europe.
The award comes as data centre operators face rising pressure to secure electricity supply for new facilities, particularly as artificial intelligence workloads increase demand for computing power. That has created opportunities for companies involved in backup power, grid connections and on-site energy systems.
Ben Pritchard, Chief Executive Officer of AVK, linked the award to the company’s workforce and growth strategy.
“We are thrilled to be recognised as one of the UK’s best managed private companies. This award belongs to every member of the AVK team. Their expertise, dedication and engineering excellence have driven our growth and made us the partner of choice for the operators building the UK and Europe’s digital infrastructure,” Pritchard said.
He added that the judging process had compared the business with leading private companies in other markets.
“To have our strategy, our culture and our capabilities benchmarked against some of the best private companies in the world, and acknowledged by Deloitte Private and the Best Managed Companies judges in this way, is a proud moment for the business. It reflects the disciplined way we have scaled while keeping our people and our customers at the centre of everything we do,” he said.
Awards Criteria
Independent judges reviewed applicants against four pillars: strategy, culture and commitment, capabilities and innovation, and governance and financial performance. The scheme is designed to recognise management quality rather than a single product launch or financial result.
Deloitte Private said the programme highlights the role private companies play in investment, employment and economic growth. It also provides a framework for management teams to measure themselves against peers.
Claire Evans, Deloitte Private Partner and UK Best Managed Companies Leader, outlined the rationale behind the awards.
“The Best Managed Companies programme celebrates the passion, resilience and focus on sustainable growth that are hallmarks of the UK’s leading private businesses. These businesses are purpose-driven, disciplined and industry-leading. They are confidently navigating the future and setting an inspiring standard for success among private businesses in the UK,” Evans said.
Market Demand
AVK operates in a market shaped by the rapid build-out of digital infrastructure. Developers of large data centres have been looking for ways to bring capacity online faster while dealing with grid constraints, planning complexity and resilience requirements.
That has increased interest in modular and pre-engineered electrical systems that can be delivered with less on-site construction. It has also pushed energy suppliers and engineering groups to offer more integrated approaches to generation, storage and distribution.
Across the UK and Europe, governments and businesses are also weighing the energy implications of digital growth. New server capacity for cloud computing and AI has raised concerns about power availability, costs and the pace at which electricity networks can support major projects.
In that environment, companies serving the sector are under pressure to show they can manage growth while maintaining delivery standards and financial discipline. The Best Managed Companies recognition points to those broader management questions as much as to market momentum.
The programme was established in Canada in 1993 and now operates across the Americas, Europe and Asia Pacific. In the UK, it aims to identify private businesses that combine organisational performance with sustained development across several parts of the business.
For AVK, the recognition adds to a period in which power infrastructure for data centres has moved closer to the centre of the technology investment story in Britain and continental Europe.
Business & Technology
UK business travellers embrace shadow AI for trips
SAP Concur has published UK survey findings showing that 75% of business travellers use or would use unapproved AI tools for work travel. The research also found that all chief financial officers surveyed were concerned about the effect of shadow AI on data security and compliance.
The figures point to a gap between company policy and how staff arrange, manage and report business trips. The issue is not limited to deliberate rule-breaking: 32% of travellers said they turn to unapproved tools because their employer does not provide official AI options for planning or booking travel.
The study suggests AI is already widespread in travel workflows. Almost four in five respondents, or 79%, said they had used AI-powered tools to support some part of a business trip.
Among the most common uses, 37% said they used AI to plan a trip agenda. Another 30% used it to track expenses during a trip, while 26% used it to assess travel risks.
Around 24% said they used AI tools to rebook or make changes to a trip, and the same share used them to curate travel options during booking. A further 21% said they used such tools to complete an expense report after the trip.
Who is using it
The survey found clear differences across age groups. Openness to using shadow AI was highest among Gen Z travellers at 79% and Millennials at 76%, before dropping to 62% among Gen X and 49% among Boomers.
Working patterns also appeared to influence behaviour. Remote workers were more likely to say they would use unapproved AI tools, at 81%, compared with 71% of fully on-site employees.
International travel was another dividing line. Three quarters of those who travel abroad for work said they have used or would use shadow AI tools, compared with 63% of domestic business travellers.
Availability appears to be only part of the issue. SAP Concur found that 43% of respondents preferred tools other than those approved by their employer, suggesting staff often see consumer AI products as more useful or easier to access than official systems.
Governance concerns
For finance leaders, the spread of unapproved tools raises concerns about oversight of spending, personal data and links to internal systems. All chief financial officers surveyed said they were worried about shadow AI in business travel, reflecting how closely travel booking and expense management sit to finance controls.
Paul Dear, vice president, Concur Travel EMEA at SAP Concur, said the pattern showed a broader management problem rather than an isolated technology issue.
“It’s a huge worry for business leaders. 100% of CFOs say they’re concerned by shadow AI in business travel,” said Paul Dear, vice president, Concur Travel EMEA at SAP Concur.
He warned about the risks created when workers rely on systems outside approved company processes.
“As consumer AI tools proliferate, they open the door for employees to use unsanctioned systems for booking or planning business travel. Unfortunately, this shadow AI can create security risks, particularly when employees input sensitive data or connect business systems to unauthorised software. Leaders must educate workers on the risks and provide T&E tools that deliver the desired level of AI support,” Dear said.
What staff want
The survey also explored the AI features employees want in work travel tools. The most common request, cited by 38% of respondents, was for AI integrations in other parts of the workflow, such as presentation software and calendars.
Another 36% said they wanted AI embedded in communication software including Teams and Slack. Some 32% wanted integrations in role-specific tools such as customer relationship management systems.
Proactive prompts were also in demand. Nearly a third, or 31%, said they wanted AI that notifies them to book through alerts or reminders, while 30% wanted chatbot interfaces within existing booking tools.
Taken together, the findings suggest companies face a practical challenge as they try to impose governance on AI use in travel. Employees are already using AI for booking, risk checks and expenses, but many appear willing to do so outside approved channels when official tools are missing or fail to meet their needs.
For travel and finance teams, that leaves a choice between tighter enforcement and broader adoption of sanctioned tools that fit into the systems employees already use. In the survey, 38% of employees said they wanted AI integrations in other parts of the workflow, and 36% wanted AI embedded in communication software.
Business & Technology
UK business owners turn to social media for tax advice
MoneySuperMarket has published research showing that 41% of UK business decision-makers use social media for business advice, with tax-related topics the most common area of interest.
The survey of 390 UK business decision-makers found that 31% had used social media for guidance on self-assessment or tax returns, making it the most searched topic. Business expenses that can be claimed ranked second at 24%, followed by side hustles or additional income at 21%, VAT rules or thresholds at 20%, how much tax to set aside at 15%, and business banking or cash flow at 14%.
Some business owners are also acting on advice without checking it elsewhere. While 44% said they verify information from social media with an accountant or official source, MoneySuperMarket estimated that 169,200 business owners follow social media advice without verifying it with other sources.
This has led to problems for some respondents. Nearly one in 10 decision-makers, or 8%, said they had acted on business advice from social media that they later discovered was incorrect.
Among those who said they had followed inaccurate guidance, 8% reported not setting aside enough money for tax, while 7% said they had paid more tax than expected.
Usage patterns
Use of social media for operational advice differed sharply by business size. Medium-sized businesses with 50 to 249 employees were the most frequent users, with 25% saying they very or quite often use social media to help run their business.
That compared with 6% of microbusiness owners with fewer than 10 employees, suggesting larger small and medium-sized employers are more likely than the smallest firms to use social platforms as a regular source of day-to-day business information.
Business age also appeared to influence behaviour. One in 20 decision-makers at companies trading for less than five years said they use social media very often for business advice, while the share fell to 2% among those at businesses operating for more than 35 years.
The findings highlight how far social platforms have become part of the information mix for owners and managers dealing with practical tax and finance questions. They also suggest newer businesses may be more inclined to seek informal or fast-moving online advice than long-established firms.
Alicia Hempsted, Business Insurance Expert at MoneySuperMarket, said: “Social media can be a powerful tool for useful information for business owners, however, it’s essential that decision-makers fact-check the advice with verified sources and professional government guidelines to ensure that it is correct.”
The survey focused on companies with between one and 249 employees, covering a broad range of small and medium-sized businesses across the UK. The results indicate that, for many respondents, social media is not just a marketing channel but also a source of guidance on compliance, tax and financial administration.
The prominence of self-assessment, tax returns and VAT in the responses underlines the pressure on smaller businesses to navigate complex rules with limited time and resources. At the same time, the findings show the risks of relying on unverified posts or videos when decisions can affect tax bills and cash reserves.
For advisers and official bodies, the data may reinforce concerns that business owners are increasingly encountering financial guidance in spaces not designed to check accuracy before publication. For firms, the research points to a gap between the speed and accessibility of social media information and the need for reliable professional or official advice when money is at stake.
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