TAXPAYER-owned Royal Bank of Scotland (RBS) has a new accolade – one it is not likely to celebrate – after being named Britain’s worst bank by consumers and business.
It came bottom of league tables published by the Competition and Markets Authority (CMA) following a survey of personal and business banking customers.
RBS is joint bottom of the personal banking table alongside Clydesdale, with less than half of customers saying they would recommend the lender. It also came bottom for business banking.
Since its government bailout during the financial crisis in 2008, the bank has been plagued by scandals, including its mistreatment of small businesses and more recently the closure of branches across the country.
“We are aware we have more work to do in order to improve our service standards and deliver a better experience for our customers,” said a spokesperson.
“That is why we are investing in improving the products and services we offer our personal and business customers, whether that’s through launching initiatives such as the UK’s first paperless mortgage or ESME, our digital lending platform for SMEs, which are helping us to deliver better service for our customers.”
Top of the personal banking table was First Direct with 85% of customers satisfied, while Handelsbanken topped the business ranking with 84%.
Under new rules that came into force yesterday, banks must publish information on how likely people would be to recommend them to friends, relatives or other businesses, and results must be displayed in branches as well as on websites and apps.
Read the full survey results here
The CMA said it will help drive up competition.
Senior CMA director, Adam Land, said: “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.”
Meanwhile, in a bid to stop scammers in their tracks and keep customers’ money safe, senior politicians, security specialists and Police Scotland joined RBS CEO Ross McEwan in Edinburgh yesterday to discuss ways of helping keep Scotland safe from the growing impact of fraud and cybercrime.
McEwan hosted an event at the bank’s flagship branch at St Andrew’s Square alongside Finance Secretary Derek MacKay, Mandy Haeburn-Little from the Scottish Business Resilience Centre (SBRC) and Police Scotland Chief Superintendent John McKenzie to discuss steps that could be taken to stop fraudsters in their tracks.
The gathering coincided with the launch of the fourth edition of the RBS Little Book of Big Scams, which has been developed with support and input from some of those at the meeting.
McEwan said: “Keeping our customers safe and secure is a bank wide priority, we are committed to helping our customers and communities protect themselves from scams and the fear of being scammed.
“We believe that prevention through education is key and are delighted to be working with Police Scotland on this informative guide as well as looking at how we can work together.”
McKenzie said: “These publications offer excellent advice in raising awareness and most importantly, provide easy tips to prevent you becoming a victim of the ever-growing variety of scams and fraudulent activity, which criminals may use, to steal your money or personal details.”
Haeburn-Little, SBRC’s chief executive, added: “At a time when so many companies struggle to create digital trust with their customers, I commend RBS for their tireless activity and their absolute commitment to understanding individual customer needs in this area.”
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