Banks stand up to be counted
The fifth publication has been released ranking the service quality league table of personal and business current account providers.
For personal and small business customers, the survey is designed to show clearly how the quality of services compares across different dimensions, such as service quality, online and mobile offerings, overdrafts, in-branch experience and, for small business customers, the quality of their relationship or account management services. The CMA requires banks and buildings societies to display the survey results prominently online and in-branch so that customers can see whether they can get a better deal elsewhere.
The top three places for overall service quality providing personal accounts are:
- Monzo
- Starling Bank, and
- First Direct
Customers with personal current accounts were asked how likely they would be to recommend their provider, their provider’s online and mobile banking services, services in branches and overdraft services to friends and family. The results show the proportion of customers, among those who took part in the survey, of each provider who said they were extremely likely or very likely to recommend each service.
It is interesting that these smaller banks are ahead of the big four banks and other larger institutions in the UK.