Handelsbanken has topped the rankings of Great British SME current account providers, according to a survey ordered by the Competition and Markets Authority (CMA).
This comes as banks must now publish information – in-store, online and on apps – about how likely people would be to recommend them.
This is set to make it easier for people to find out if another bank has a better offer.
Results have been released from surveys of all British banks and building societies with more than 150,000 personal current accounts (PCAs) or 20,000 business current accounts (BCAs), and all Northern Ireland banks and building societies with more than 20,000 PCAs or 15,000 BCAs.
Over 16,000 personal banking customers rated GB providers on overall service quality, online and mobile banking services, overdraft services and services in-branch.
The results – provided through GfK – placed First Direct and Metro Bank in the top two for all categories except service in branches (First Direct does not operate a branch network). Metro Bank ranked top for services in branches.
Results for GB business current accounts were carried out by BDRC and surveyed the overall service quality, online and mobile banking services, SME overdraft and loan services, relationship/account management and service in branch and business centres.
Handelsbanken came first in each category, except for online and mobile banking services, where Barclays came top.
These results will now be updated every six months.
Adam Land, senior director at the CMA, said: “For the first time, people will now be able to easily 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.
“This is one of the many measures – including Open Banking and overdraft text alerts – that we put in place to make banks work harder for their customers and help people shop around to find the best deals for them.”
The FCA has announced the requirement for providers to publish details of available services and helplines, contact details for help, how often the firm has had to report major operational and security incidents and the published level of complaints made against the firm.
From 15th February 2019, banks will also have to publish figures quarterly on how long it takes to open current accounts and replace debit cards.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “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.
“This information should encourage providers to offer the services that people value.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...
Gatehouse Bank names new direct adviser
Gatehouse Bank has appointed Robert Siddall (pictured above) as a direct adviser...
British Business Bank increases facility with Simply to £180m
Non-bank lender Simply has received a third facility of £60m from the British Business Bank under the latter’s ENABLE funding programme...
OakNorth provides facility for cloud platform provider acquisition
OakNorth has provided a loan to managed service and cloud platform provider Oncore IT for the acquisition of Fuse Technologies...
Monzo to launch first USA accounts this summer
Monzo has announced it will be launching its first accounts in the USA this summer...