According to the latest switching service statistics for current accounts, TSB, RBS, and NatWest have lost over 65,000 customers in three months.
Bacs has released the seven day switching statistics for Q2 2018 and it is rough reading for many banks. NatWest lost 28,802 customers in the three month time period while only gaining 16,749 back.
Go deeper with GlobalData
Its sister brand RBS lost 14,445 current account customers, but only gained just over 2,000. Therefore, its overall net loss was similar to NatWest’s.
Lloyds also suffered losses of 5,540 despite gaining over 15,000 switches in the second quarter of 2018. Moreover, to no surprise, Co-op Bank continued to suffer losses, this time in the realm of 9,261 net losses.
TSB suffers again
With absolutely no surprise to anyone, TSB suffered major customer losses. Following multiple outages, TSB saw over 21,000 customers abscond.
TSB’s IT problems had previously cause the challenger bank to lose money, but now are definitely losing customers as well.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe IT problems led to a loss overall of £107.4m for the first six months of 2018. In addition, TSB ended up recruiting over 1,800 people and redeployed another 700 into customer-facing roles to handle demand following the trouble.
To ensure customer satisfaction, TSB created a team of 260 staff to make sure no customer was left out of pocket.
As at 30 June 2018, TSB’s total customer lending was £31.0 billion and total customer deposits stood at £29.6 billion. In addition, its Common Equity Tier 1 capital ratio remained at 19.2%.
Winners
The bank with the most net gains in current accounts was building society Nationwide. It saw over 45,000 customers join while only just over 10,000 current accounts left. It is assumed this is down to their switching offer which gives customers a free £100 just for moving.
HSBC also saw heavy gains as they provide a similar switching offer. 51,441 people switched current accounts to the heavyweight.
For the first time, Bacs included new players Monzo and Starling, which saw steady net gains of 2,702 and 1,737 current accounts respectively.
