Following publication by GfK UK Limited’s independent survey of British banks personal banking service quality levels across the four key categories of services in branches, overdraft services, online and mobile banking services and overall service quality,
Kit Carson Head of Banking & Fintech at GlobalData, a leading data and analytics company, offers his view on the current findings:
“Plaudits must be given to Metro Bank who appeared in the top two for each of the four categories surveyed. With *60 branches a month being closed in the UK since 2015, other providers should take note as Metro’s success demonstrates that success in branch banking and digital banking is not a zero sum game.
“The data also suggests that the acquisition of Virgin money by CYBG is not before time given Clydesdale’s woeful score of bottom 2 in each category. Whether the Virgin brand can resuscitate this ailing bank however remains to be seen. According to GlobalData’s Retail Banking Consumer Survey 2018, only 69% of CYBG customers were satisfied with the time spent queuing versus a market average of 80%. This suggests the additional investment to purchase the Virgin brand as part of the acquisition could have been better allocated to the frontline.”
*Source: Which?, data from 2015 to 2018