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Fintechs score highest service quality on comparison metrics for personal banking current accounts 2021

FCA | Jan 14, 2021

Banking service quality 1 - Fintechs score highest service quality on comparison metrics for personal banking current accounts 2021

This performance scorecard highlights some of the information available on personal current accounts (PCAs), and can help customers choose their provider by highlighting:

  • good and poor performers
  • how easily they can carry out day-to-day banking activities
  • the reliability of the service they receive

These metrics should also increase the incentive for firms to offer better service, helping customers to get the most out of their personal current accounts.

Detailed below are 3 sources of data consumers can use to compare personal current account providers. These metrics only relate to service and not to the quality or price of products.

Personal current account service quality metrics

These independent league tables show customers how the 19 largest personal current account providers rank on quality of service and online and mobile banking services, making it easier to compare providers. This is information required by the Competition and Markets Authority (CMA).

Quality of service is determined by how likely customers would be to recommend their provider to friends and family. Online and mobile banking services is determined by how likely customers would be to recommend their provider’s online and mobile banking services to friends and family

In August 2020, the survey showed Monzo (86% score) as the top ranked bank for overall service quality, and Tesco Bank as lowest ranked (44%). Chart 1 shows the results from all 19 banks.

banking service quality UK - Fintechs score highest service quality on comparison metrics for personal banking current accounts 2021

For online and mobile banking services, the survey showed Monzo (89% score) as the top ranked bank and Tesco Bank as lowest ranked (59%). Chart 2 shows the results from all 19 banks.

As well as overall service quality and online and mobile banking services, this survey also covers:

  • overdraft services
  • services in branches

 

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NCFA Jan 2018 resize - Fintechs score highest service quality on comparison metrics for personal banking current accounts 2021 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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