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Creditfix LB 03-2017

RBS Props Up Bank League Table

Royal Bank of Scotland (RBS), which is majority owned by the government, has come joint bottom of the bank league table for personal service quality.

Less than half of the bank’s customers would recommend its customer service to family and friends according to the bank rankings table published for the first time.

This is in stark contrast to First Direct which is owned by HSBC, who came top with 85 per cent of its customers satisfied with the service they receive. New challenger bank Metro came a close second with 83 per cent willing to recommend their service.

The table, which was published by the Competition and Markets Authority in a bid to increase competition in the sector, saw RBS joint bottom along with Clydesdale Bank with both banks satisfying only 49 per cent of their customers.

There are 16 banks in the rankings for personal accounts and 14 for business banking.

Customers were asked how likely they would be to recommend their bank on a number of measures, such as overall customer service, online and mobile banking, overdrafts and services in branches.

RBS also performed poorly for business customers, with just 47 per cent of those banking with RBS prepared to recommend the bank in terms of overall service quality. Handelsbanken came top for business banking with 84 per cent.

Adam Land, senior director at the Competition and Markets Authority, said: ‘For the first time, people will now be able to compare banks on the the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere.’

Christopher Woolard of the Financial Conduct Authority (FCA) added: ‘Getting a good deal isn’t just about pricing. It’s also important for customers – including individuals and small businesses – to be able to judge the quality of service around their current account and to see whether other providers could offer something that suits them better.’

A spokesperson for RBS said: ‘We are aware we have more work to do in order to improve our service standards and deliver a better experience for our customers.’

The bank is ‘investing in improving the products and services we offer our personal and business customers’ through the UK’s first paperless mortgage and a digital lending platform for small businesses.

RBS was bailed out by the government at the height of the financial crisis and taxpayers still own about 62 per cent of its shares.

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