Rankings from the Competition and Markets Authority have shown Royal Bank of Scotland (RBS) to be bottom of banking league tables.
According to rankings, less than half of RBS customers have said they would recommend the banks customer service to their family or friends. RBS have come joint last with Clydesdale in the personal banking table, and solo last of the business banking table.
The Authority have said they are now publishing these rankings in a bid to help increase competition within the banking sector; 16 banks appear in the rankings for personal accounts and 14 for business accounts.
Senior Director of the Competition and Markets Authority, Adam Land, said “for the first time, people will now be able to compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere.”
The rankings are based on a number of factors, including how good the customer service of the bank is, the banks online and mobile banking facilities, overdrafts offered, and overall services within the banks branches.
RBS scored low in both ranking tables; only 49% of its current customers claimed they would recommend the bank to their friends and family, and 47% of the banks business customers said they would recommend the banks overall service quality.
A spokesperson on behalf of RBS, said “We are aware we have more work to do in order to improve our service standards and deliver a better experience for our customers.”
The results of the rankings must be displayed by banks in order to allow customers to see; they will be on display in branches, and online via websites and mobile apps.
Christopher Woolard from the Financial Conduct Authority believes this to be a positive step for banks’ customers: “Getting a good deal isn’t just about pricing. It’s also important for customers – including individuals and small businesses – to be able to judge the quality of service around their current account and to see whether other providers could offer something that suits them better.”