Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Fintechs score highest service quality on comparison metrics for personal banking current accounts 2021
FCA | Jan 14, 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.
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
Continue to the full article --> here
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