A new study reveals how well banks look after its customers, based on a survey of thousands of individuals and small businesses.
This is the sixth publication which ranks the service quality of personal and business current account providers in Great Britain and Northern Ireland.
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The survey was set up by the Competition and Markets Authority (CMA), following its market investigation into retail banking in 2016.
The latest results include Starling and Virgin Money as new entrants to the survey for Business Current Accounts. This is also the first full year of results to indicate how the pandemic has impacted on customer satisfaction with their banks.
In the surveys, personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business.
Questions also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.
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By GlobalDataThe results clearly show customers how their bank is rated on overall quality of service and make it easier for people to compare offers. They also drive up competition between providers, resulting in a better overall experience for the account holder.
Since the survey’s introduction in August 2018, providers have been required to display their ranking prominently both in branch and on their websites and apps.
The CMA also made it compulsory for all relevant banks to take part in the survey, so customers get the full picture.
Adam Land, Senior Director at the CMA, said:
“Lots of people don’t have time for life admin, which is why jobs like comparing providers can fall to the bottom of the list. These results make it easy for people to see which banks are best meeting their customers’ needs at the click of a button, which puts pressure on poorly performing banks to raise their game.
“The past year has put financial pressure on many people and small businesses, and this is the first full set of results to reflect how banks have supported customers through this difficult period. If the service and quality offered by your bank has not been up to scratch, you may well be able to do better.”
Participating providers: Bank of Scotland, Barclays, Clydesdale Bank*, first direct, Halifax, HSBC UK, Lloyds Bank, Metro Bank, Monzo, Nationwide, NatWest, Royal Bank of Scotland, Santander, Starling Bank, Tesco Bank, The Co-operative Bank, TSB, Virgin Money and Yorkshire Bank*.
Approximately 1,000 customers a year are surveyed across Great Britain for each provider. Results are only published where at least 100 customers have provided an eligible score for that service in the survey period. 17,059 people were surveyed in total.
Results are updated every six months, in August and February.
