It is an odd thing, but every six months the UK government ranks the country’s biggest banks.
More precisely, the UK Competition and Markets Authority, in accordance with the reforms that followed its own 2016 investigation into the retail banking sector, asks two independent companies, Ipsos and BVA-BRDC, to conduct surveys of bank customers.
Ipsos asks personal current account holders and BVA-BRDC asks business current account holders how likely they would be to recommend their bank to a friend, relative or another business.
The surveys go on to rate the quality of services across a range of banking offers such as personal online and mobile banking, overdrafts and in-branch experience. For small business customers, the quality of their relationship with their account manager is also covered, along with provision of loans and overdrafts.
Showing customers how others rank their bank is meant to make it easier to compare providers and so encourage competition.
Kurt Vogt Gwerder, strategy consultant at Curinos, an advisory firm and data specialist focused on the banking industry, says: “The CMA’s survey is an important one for the banking industry, especially given the role that word of mouth plays in the shopping journey of people looking for a new provider.”
Curinos
