A straightforward, stress-free claims process? A frustrating online service? A market-beating interest rate? As we publish our list of 2017’s best and worst financial brands, we want your views.
Our research, published today, crowns Nationwide as the nation’s favourite financial brand.
It’s been a great year for the building society, whose 5%-paying FlexDirect current account attracted more than 30,000 net customers in the last three months of 2016.
It’s been less of a great year for many high street banks, however: Barclays, RBS, NatWest, Halifax, HSBC and Bank of Scotland all finished in the bottom half of our table, while Lloyds came joint-last.
As part of our research, we also looked at what made customers like and dislike their financial brands.
The results showed a change in the times: current account and savings customers who liked their bank were more likely to rave about its online and mobile banking.
Across nearly all categories, however, one problem stood out as having a negative effect on whether a customer liked a bank: bad complaints handling.
That’s why we decided to factor in complaints data from the Financial Ombudsman Service (FOS) and Financial Conduct Authority (FCA) when working out our rankings.
Indeed, the most recent data from the FOS shows a 13% increase in complaints figures for the first half of 2017 compared with the six months before that; consumers are complaining more and more about their banks and insurers.
But whether they get a positive outcome or not varies massively from company to company.
Upheld rates – the percentage of complaints that went in the consumer’s favour – range from 3% to 79%, depending on which company you complained about.
Are you generally satisfied with how your bank manages complaints?
Yes (68%, 76 Votes)
No (32%, 35 Votes)
Total Voters: 111
We want to hear from you. What do you love about your insurer or bank? What would make you complain about it? And, have you made a complaint?