Which? today launches a new campaign calling for action to be taken to improve banking for all.
As part of our ‘We Deserve Better Banks’ campaign, we want regulators, government and industry to do more to to help customers.
The campaign is calling for the industry to:
- ensure banks listen to their customers about the quality of service of they receive and the culture they expect
- give customers better tools to put them in control of managing their money
- tackle unfair, unauthorised overdrafts.
It follows our new research, which reveals that the big banks are struggling to match the satisfaction levels of their smaller rivals.
Find out more: We Deserve Better Banks campaign – show your support by signing our petition
Between September 2015 and January 2016, we surveyed more than 20,000 customers about their feeling towards their financial providers in four categories; current accounts, savings accounts, mortgages and credit cards.
These responses were averaged out and combined to give each financial brand a unique overall customer score.
Many of the larger banks performed poorly. Royal Bank of Scotland (RBS) came joint bottom in our survey, while Barclays and Lloyds Bank were also in the bottom 10.
At the top end of the table, First Direct received a customer score of 74%, while Metro Bank came second with a score of 73%. Metro Bank customers said they felt ‘valued’ by the bank and praised its helpful opening hours.
Nevertheless, the table below highlights the huge gap in customer satisfaction between the best and worst scoring banks.
If you’d like to read our latest investigations on customer service in the banking industry, as well as expert guidance on savings, investments, tax and more, try Which? Money for two months for £1.
Banks should be held to account
Which? is concerned that current proposals from the Competition and Markets Authority (CMA) to try and reform the current account market are too focused on getting customers to switch, rather than tackling the unfairness faced by unauthorised overdraft users.
We also wants to see that banks are held to account for how they treat their customers, particularly when things go wrong.
Which? executive director, Richard Lloyd, said: ‘It’s high time the industry put its customers first and the competition inquiry needs to ensure that banks are held to account for the way they treat their customers.
‘The big players in this market need to get on the front-foot and improve services for their customers, instead of waiting to be forced into action.’