17th August 2018

CMA's independent survey scores banks on quality of service

New information now available means customers can more clearly see how their bank compares on quality of service. From 15th August, 2018, banks must publish information on how likely people would be to recommend their bank – as well as its online and mobile banking, branch and overdraft services – to friends, relatives or other businesses. The results come from an independent survey of thousands of personal and small business customers, and must be prominently displayed in banks’ branches, as well as on their websites and apps.

The new measure is one of a number being required by the Competition and Markets Authority (CMA) following its in-depth investigation of the sector. The CMA also requested the Financial Conduct Authority (FCA) build on this by making banks release further information on their performance and services to drive up standards, and make it easier for people to judge whether they are with the best bank for them.

Adam Land, Senior Director at the CMA, said: “For the first time, people will now be able to easily compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere. This is one of the many measures – including Open Banking and overdraft text alerts – that we put in place to make banks work harder for their customers and help people shop around to find the best deals for them.”

Overall service quality – personal current accounts: How likely would customers be to recommend their personal current account provider to friends and family?
1. First Direct: 85%
2. Metro Bank: 83%
3. Nationwide: 73%
4. Coventry Building Society: 68%
5. Santander: 64%
5. Barclays: 64%
7. Halifax: 61%
7. Yorkshire Bank: 61%
9. Lloyds Bank: 60%
9. NatWest: 60%
9. TSB: 60%
12. Bank of Scotland: 57%
13. HSBC UK: 55%
13. The Cooperative Bank: 55%
15. Clydesdale Bank: 49%
15. RBS: 49%

Overall service quality – business current accounts: How likely would customers be to recommend their business current account provider to other SMEs:
1. Handelsbanken: 84%
2. Metro Bank: 73%
3. Santander: 66%
4. Barclays: 62%
5. Lloyds Bank: 61%
6. NatWest: 57%
7. Bank of Scotland: 54%
8. Yorkshire Bank: 53%
9. HSBC UK: 51%
9. AIB (GB): 51%
9. TSB: 51%
9. The Cooperative Bank: 51%
13. Clydesdale Bank: 50%
14. RBS 47%