CMA unveils latest banking survey results

In a significant milestone, the latest results from the annual service quality league table of personal and business current account providers have been unveiled today, marking the 11th edition over the course of six years. This evaluation, established as part of the Retail Banking Order, has been a pivotal outcome of the reforms implemented by the Competition and Markets Authority (CMA) subsequent to its comprehensive investigation into the retail banking market in 2016.

Conducted independently and on a large scale, the survey assesses the service quality of both personal and business current account providers across Great Britain and Northern Ireland. This initiative aims to offer customers valuable insights into the quality of services provided by their respective banks, enabling better comparison and fostering competition, which ultimately leads to improved experiences for all account holders.

As part of the survey, personal and small business current account holders were asked to rate the likelihood of recommending their provider to friends, relatives, or other businesses. The assessment encompassed various dimensions including the quality of online and mobile services, branch interactions, overdraft provisions, and, for small businesses, the quality of relationship management received.

The publication of the league table facilitates customers in understanding how their bank fares in terms of service quality. This information empowers customers to make informed decisions and switch to better-suited alternatives. The Current Account Switch Service, a free service available to personal and business current account holders in the UK, streamlines the process of switching to a more suitable banking option.

The results, pertaining to the period from July 2022 to June 2023, exhibit the ranking of various banks in terms of service quality for both personal and business current accounts in Great Britain and Northern Ireland.

For personal current accounts in Great Britain, the top-ranking banks include:

1. Monzo
2. Starling Bank
3. First Direct

On the other end, the bottom-ranking personal current account providers in Great Britain are:

1. Virgin Money (Tied 15th)
2. Royal Bank of Scotland (Tied 15th)
3. TSB (14th)

For business current accounts in Great Britain, the leading positions are held by:

1. Monzo
2. Starling Bank
3. Handelsbanken

Conversely, the business current account providers with the lowest rankings in Great Britain are:

1. HSBC UK (15th)
2. The Co-operative Bank (14th)
3. Virgin Money (13th)

In Northern Ireland, the highest-ranked personal account providers are Monzo, Starling Bank, and Barclays, while the lowest-ranking current account providers are Ulster Bank, Bank of Ireland UK, and Allied Irish Banks. For business current accounts in Northern Ireland, Santander, Danske Bank, and Ulster Bank occupy the top ranks, while Bank of Ireland and Allied Irish Bank are positioned at the bottom.

Adam Land, the Senior Director of Remedies, Business, and Financial Analysis at the CMA, emphasised the significance of banks’ treatment of their customers and its impact on their daily lives. He highlighted that the league table offers transparent insights into banks’ performance and encourages underperforming banks to improve their services to meet customer needs. Land also pointed out that customers who have been dissatisfied with their current bank’s services have the opportunity to switch to better alternatives, thereby enhancing their banking experience.