Happy with banks? Not a chance...

MY local branch of NatWest was quick off the mark last week to display the latest customer satisfaction analysis on banks overseen by the Competition & Markets Authority (CMA).

This followed a stiff rebuke for the bank from the competition regulator for failing to show earlier data prominently in some branches late last year and then again early this year.

It is understandable why not everyone at NatWest has been keen to highlight the results of the analysis. The latest research, there for all to see in NatWest’s Kensington branch in West London, does not show the bank in a particularly flattering light.

The CMA says that 59 per cent of NatWest personal customers would recommend the bank to a friend or relative. This ranks it tenth equal out of 16 bank brands – with Monzo, Starling Bank and First Direct getting the best approval ratings from customers. Bottom of the league is Royal Bank of Scotland, owned by NatWest.

On business accounts,

NatWest is ranked higher – 8th out of 15 – but has a lower customer approval score of 54 per cent. Monzo, Starling and Handelsbanken score the highest marks with HSBC bottom of the pile.

The only consolation for the part state-owned bank is that 59 per cent represents an improvement on its score this time last year (56 per cent). A shame that this slight plus is offset by the fact that its approval rating on business accounts has slipped further.

More work to be done, I feel. The same goes for The Cooperative Bank which received a similar rebuke from the

CMA for not promptly displaying the data on its website. Its overall customer service scores are even more shocking than NatWest’s. That takes some doing.