Current account holder satisfaction levels for UK-operating banks 2019

Banks generally employ various strategies to attract and retain their customer base, such as cheap overdrafts, in-credit interest and no withdrawal charge. While the number of new and active customers can be easily observed, customer satisfaction is trickier. Knowing how customers feel about the service received can help banks adjust to the dynamics of an increasingly competitive market.

Customer satisfaction for leading banks in the United Kingdom (UK)

According to the Which? customer satisfaction survey, as of September 2019, approximately 84 percent of customers of First Direct were satisfied with the banks' services and products, and willing to recommend it to their friends. Starling Bank and Monzo Bank completed the top three, with 83 percent and 72 percent customer satisfaction respectively.

Investment in selected European countries

Among the services that aim at making banking more customer-oriented and effortless is the current account switch service (CASS). CASS allows customers to change their bank account hassle-free, redirecting transactions and transferring payment arrangements. As of the fourth quarter of 2019, eight out of twenty banks observed increased their customer base following the CASS process. The highest gain to loss ratio was recorded by Triodos Bank, Monzo and Starling Bank, gaining respectively 12.7, 8.2 and 7.1 times more new customers than the ones lost to other banks. This comes as no surprise, considering that challenger banks, also called disruptor banks, like Monzo have been gaining popularity in Europe in recent years. In 2019, Monzo was one of the top three online only banks in Europe by number of customers. More in-depth information can be found in the Statista DossierPlus on the current banking sector and meeting the demands of a digital future.

Banks operating in the United Kingdom (UK) ranked by current account customer satisfaction as of September 2019

Loading statistic...
You need to log in to download this statistic
Register for free
Already a member?
Log in
Show detailed source information?
Register for free
Already a member?
Log in
Source

Release date

May 2020

Region

United Kingdom

Survey time period

September 2019

Number of respondents

4,216 respondents

Method of interview

Online panel

Supplementary notes

The source adds the following information: "Customer scores are based on a survey of an online panel of respondents from the general public, who were invited to take part in the bank account customer satisfaction survey. Overall customer scores are worked out using a combination of overall satisfaction and how likely the respondents are to recommend their bank to a friend. Companies need at least 30 responses to be given a rating. Sample sizes for our survey as follows: First Direct - 150, Starling Bank - 42, Monzo Bank - 128, Nationwide Building Society - 433, M&S Bank - 53,Metro Bank - 47,Co-operative Bank - 90, Halifax - 470, Barclays - 626, Santander - 493, Lloyds Bank - 552, NatWest - 493, Yorkshire Bank - 48, HSBC - 391, Danske Bank - 46, TSB - 175, Bank of Scotland - 100, Clydesdale Bank - 56, Royal Bank of Scotland (RBS) - 142, Tesco Bank - 60, Ulster Bank - 41.

Statista Accounts: Access All Statistics. Starting from $468 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.

Single Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references
$59 $39 / Month *
in the first 12 months
Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract; Prices do not include sales tax.

Statistics on "Bank customer retention in the United Kingdom (UK)"

Further Content: You might find this interesting as well

Statista Accounts: Access All Statistics. Starting from $468 / Year
Learn more about how Statista can support your business.