Challenger banks make reputational gains in business banking
Summary
This is changing, however, and has been highlighted by the latest small and medium-sized enterprise (SME) business banking customer satisfaction ranking from the Competition and Markets Authority (CMA). Using figures compiled by BVA BDRC, the CMA reported that digital challenger bank Starling came top in terms of customer satisfaction in three out of four categories in which it was ranked. Hines said SME customers are challenging for banks to serve, because the needs of businesses will differ hugely depending on factors such as the sector, size and strategy of each one. “The past year has put financial pressure on many people and small businesses, and this is the first full set of results to reflect how banks have supported customers through this difficult period,” he said. Using figures from Ipsos Mori, the CMA also reported that for overall service quality for personal banking, Starling was ranked third, with fellow challenger Monzo taking top spot and First Direct coming second.
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