Every six months, Ipsos releases its UK personal banking service quality survey and the latest survey will be released later this month. There are many financial services consumer surveys but the Ipsos one has the kudos of forming part of a regulatory requirement from the Competition and Markets Authority. The premise is simple: it asks retail banking customers whether they would recommend their bank to friends and family. Consumers’ answers reveal how banks have performed over the past six months.
So this is a survey that merits attention on one hand. On the other hand, the findings have a certain predictability. I have no inside information from Ipsos as regards the findings of the H2 2022 survey. But if I were a betting man, I’d wager that Starling, Monzo, First Direct, Metro Bank and Nationwide will form the top five. It is also a safe bet that TSB and Virgin Money will be at the foot of the table. Indeed, the league table may look almost a mirror image of the table here dating back to 2020.
Ranking top for service time and time again does not come about by accident
Some banks just get the concept of excellent customer service. Consistently ranking as the best banks for service, as First Direct and Nationwide have done for years – it is a similar story with Metro Bank, Monzo and Starling since their launches-does not come about by accident.
Perhaps there will be some evidence of the perennial strugglers such as Virgin Money inching up the league table for service but it will come as a major surprise if it is not firmly rooted in the bottom two or three brands.