Banking for business – is customer service key to your choice?

By August 20, 2018 March 15th, 2019 Banking, Business, Funding, News, Small Business

business banking

Most people when choosing a bank  – whether for personal or business use – want not only a good financial deal in banking terms, but customer service that makes them feel their banking business is important.

The competition watchdog, The Competition and Markets Authority, has decided that from 15th August onwards, banks must display how they are ranked for service in comparison to other banks so that any current or potential customer can make an informed decision about who to bank with. Rankings are based on a survey of thousands of banking customers, asked such questions as ‘Would you recommend the bank to friends and family?’ and it applies to online and mobile services as well as over-the-counter customer service.

Current rankings make interesting reading and are not good news for the Royal Bank of Scotland (RBS), the Clydesdale Bank and the Co-Op, who feature in the bottom three for both small business and personal customers. Handelsbanken, Metro and Santander are the top small business banks, with First Direct, Metro and Nationwide most popular for personal banking. For full results see the Independent newspaper report HERE.

The Financial Conduct Authority (FCA) will, from 2019, also require banks to publish how long it takes to open an account.

Do these measures make you feel more secure in your dealings with banks? How do you decide who to bank with? We would be interested to hear your views.