Poll Sees Banking Giants Outperformed by Smaller Providers in Satisfaction Score

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18th September 2012 15:58 - Financial Services

Market Research by Which? has shown that major UK banks are still failing to rank high on the satisfaction test and are falling behind financial competitors such as online-only providers and large retailers.

The poll questioned 48,826 Britons about their current accounts, savings accounts, credit cards and mortgages, with the research covering 30 of the industry's largest financial service brands.

On average, respondents rated their own provider at 62%. Results peaked at 67% for credit cards, in contrast to the low score of 54% for savings accounts.

The highest overall score was achieved by First Direct, the online and telephone bank owned by HSBC, at 86%. They also had the best figures for all the financial product areas that were assessed.

Second position at 80% was attained by The One Account (an RBS division that specialises in current accounts and mortgages), followed in third place by the Co-operative Bank at 79% and Internet bank Smile with78%.

The top five was rounded out with a joint ranking of 74%, shared by Coventry Building Society and Dutch multinational ING.

Meanwhile, of the UK’s ‘Big Four’ banking giants, HSBC was rated at 60%, Barclays at 54% Lloyds at 51% and NatWest at 56%.

Unlucky Santander performed worst on the satisfaction rating with 46%, however Halifax and the Bank of Scotland also scored badly with 48% and 49% respectively.

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