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Today marks the fifth publication over 3 years of the service quality league table of personal and business current account providers, put in place following the Competition and Markets Authority’s (CMA) market investigation into retail banking in 2016. For the first time these new publications include the service quality rankings for the new digital banks Monzo and Starling and for Virgin Money.
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.
In addition, banks are required by the Financial Conduct Authority (FCA) to publish details of available services and relevant helplines, as well as figures on how long it takes to open current accounts and replace debit cards. Information about the number of major operational and security incidents they have experienced should also be provided on both banks’ and the FCA website.
Adam Land, Senior Director at the CMA, said:
“These league tables are an invaluable resource for customers to find the best service on offer to suit their needs. By being able to access data on the best and worst performing banks and building societies, people can easily compare providers, driving more competition to improve the overall quality of service.
“These results only cover the initial impact of the Coronavirus (COVID-19) outbreak. Future surveys will better highlight how customer satisfaction has been influenced by the pandemic.”
Notes to editors:
- Neither the CMA nor the FCA can comment on the performance of individual banks. Journalists should speak to the individual banks for further explanation.
- This publication marks the introduction for the first time of the online banks Monzo and Starling, and of Virgin Money, in the service quality survey results for the provision of personal current accounts in Great Britain.
- For media enquiries, please contact the CMA press office on 020 3738 6460 or firstname.lastname@example.org.
- August 17, 2020 at 6:53 am by Editor (displayed above)
- August 17, 2020 at 6:53 am by Editor