Banks Editor's Choice Europe

UK Bank Customer Satisfaction Score Under Global Average as Indonesia, China and US Take the Lead

According to data presented by AksjeBloggen.com, Indonesia, China and the United States have the highest bank customer satisfaction score globally, while the United Kingdom ranked under the global average.

The record-high levels of fintech investments and the rise of open banking in recent years have changed the financial services landscape and created space for new promising products and players. To keep their business thriving in this highly competitive environment and maintain customer satisfaction, banks have to provide a service in sync with clients’ needs and wants.

According to a survey conducted by Statista among over 40,000 consumers in 23 countries worldwide, consumers, in general, were satisfied with their banks. Statistics show Indonesian, Chinese, and US consumers had the highest satisfaction scores of 4.3, 4.2 and 4.18, respectively. India, South Africa, Mexico, Poland, and Germany were also above average.

On the other hand, the United Kingdom, Austria, Russia, Switzerland, and Canada ranked below the average, with a score of 4.03, 4.02, 4.01, and 4.0, respectively.

The survey revealed that 43% of respondents named the trust as the most critical factor when thinking about their bank. So, it is not surprising that the countries with the highest overall satisfaction score also ranked highest in trust satisfaction. Japan, Russia, Indonesia, the Netherlands, and China placed the highest emphasis on trust.

Terms and conditions, including fees, interest rates, and ATMs’ availability, ranked second with an 18% share among respondents. However, statistics show customers were least satisfied with their banks’ terms and conditions, giving it the global average score of almost 3.7. The leading reason for dissatisfaction was the reasonability of fees and credit interest rates.

Digital services ranked as the third-most important factor globally, with a 16% share among respondents. The financial advice was the least important for all countries except for the Netherlands and France, where customers prioritized advisors giving personalized and comprehensive recommendations.

With more than $47trn in financial assets of banks, China has the largest banking sector and is home to the biggest banks worldwide. The Statista data showed that overall, Chinese clients were highly satisfied with their banks, ranking above the average on all metrics surveyed.

The big four Chinese banks, including China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, and Bank of China, all have highly satisfied clients who rated them above the country average for customer satisfaction. However, statistics show China Merchants Bank had the most satisfied customers in 2020, while the UK’s HSBC ranked first in all other metrics.

With more than 5,000 banks and savings institutions as of 2020, the United States has one of the most competitive banking sectors globally. The largest banks – Bank of America, Wells Fargo, and JPMorgan Chase hold almost 31% market share of domestic deposits, and all have relatively high client satisfaction rates.

Nevertheless, statistics show smaller US banks have the most satisfied customers. According to a Statista survey, customers were most pleased with the USAA Federal Savings Bank, awarding it the highest satisfaction score in the United States and worldwide. Other banks that topped the ranking were Navy Federal Credit Union, Arvest Bank, Bangor Savings Bank, and Simmons Bank.

Statistics show that First Direct, a subsidiary of the UK’s biggest banks by total assets, HSBC, was the best-rated bank in the United Kingdom. The runner-up was the neobank Monzo, as one of the most promising challenger banks globally.

Author

Related posts

Forum of Private Business gives Philip Hammond 5 out of 10 for his Pre-Brexit Budget

Manisha Patel

The right RegTech can improve efficiency and accuracy of KYC checks and aid the onboarding process

Mark Walker

Investing as magic discovered

The Fintech Times