17th Aug 2018
Less than half of Royal Bank of Scotland [RBS] customers would recommend its customer service to family or friends.
That’s according to figures published by the Competition and Markets Authority (CMA).
The personal and small business customers surveyed were asked how likely they were to recommend their bank on measures including overall customer service, online and mobile banking, overdrafts and branch services.
The data, which was published with a view to increasing competition in the sector, shows that Clydesdale came joint bottom (out of 16 banks) of the personal service quality table along with RBS, with just 49% of customers satisfied.
First Direct came top, with 85% of personal customers of the HSBC-owned bank revealing that they were satisfied.
For business customers, just 47% of RBS customers would recommend the bank, a contrast to Handelsbanken who came top out of the 14 banks in the category with 84%.
Adam Land, Senior Director at the CMA, said: “For the first time, people will now be able to 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.”
The results must be displayed in branches and on banks’ websites and mobile apps, giving customers the opportunity to better compare services and subsequently placing a greater emphasis on the impact of customer service in relation to business performance.
Jo Causon, Chief Executive of The Institute of Customer Service, commented: “The announcement to have standardised information to help customers compare services will allow people to move more freely and force lenders to be more competitive.
“Satisfaction in the banking sector is at its highest ever and our research shows that consumers are more likely to bank with those banks with the highest customer satisfaction scores. Where satisfaction is maintained organisations will see a direct link to turnover growth, profitability and productivity.”