Handelsbanken, the Swedish bank with offices in Edinburgh and Glasgow, has topped the customers’ banking recommendation poll, beating Metro Bank and Santander, while the bottom two places go to Royal Bank of Scotland and TSB.
The results are from an independent survey carried out between July 2018 and June 2019 by BVA BDRC as part of a regulatory requirement for the Competition and Markets Authority.
85% of Handelsbanken customers said they were likely to recommend their business account provider to other SMEs, while 66% of Santander customers would speak up for their bank. TSB was bottom of the poll with only 38% recommending the bank, while only 43% would recommend RBS.
Barclays topped the online and mobile banking services section for customers recommending services, pipping Metro Bank and Santander, with TSB again bottom of the poll.
On overdraft and loan services, Handelsbanken and Santander came out first and second, with Bank of Scotland in third place, with TSB again at in the bottom spot.
The Swedish bank was also top in terms of relationship and account management, with 89% recommendation, with Santander in second position, at 65%, while RBS and TSB were at the bottom.
TSB’s position improved in terms of service, leaving RBS at the bottom, while Handelsbanken, Metro Bank and Lloyds Bank were in the top three spots.
Adam Land, senior director at the CMA, said: “Current account holders and small businesses should consider voting with their feet and switching their bank or building society if they aren’t getting a good service. These league tables help show what’s out there for customers and hold the providers to account. There’s nowhere for the worst performers to hide now.”
“We also welcome the expansion and reach of the survey with the addition of new participants from the personal banking sector in 2019 and 2020.”
In addition, current account providers 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, and information about the number of major operational and security incidents they have experienced.
Christopher Woolard, executive director of Strategy and Competition, at the FCA, said: “It is now a year since we required firms to start publishing this data, providing people with the tools to work out how easily they can carry out day to day banking activities, as well as the reliability of the service they receive.
“The figures provide a more established basis for consumers, small businesses and comparison services to compare current account providers and find the right solution for their needs. The information published should increase the incentive for firms to offer better service, helping consumers to get the most out of their banking experience.”
Participating provider were: Allied Irish Bank (GB), Bank of Scotland, Barclays, Clydesdale Bank, Handelsbanken, HSBC UK, Lloyds Bank, Metro Bank, NatWest, Royal Bank of Scotland, Santander UK, The Co-operative Bank, TSB, Yorkshire Bank.
Approximately 1,200 customers a year are surveyed across Great Britain for each provider; results are only published where at least 100 customers have provided an eligible score for that service in the survey period. 16,800 people were surveyed in total.
