In the latest banking survey results published by the Competition and Markets Authority (CMA) in February 2025, customer perceptions of service quality were illuminated, offering insights into the competitive landscape of the banking sector.
The survey’s results are intended to foster a culture of competitiveness and continuous improvement, making the rankings a critical benchmark for banks.
Chase UK emerged as the leader in this year’s survey, closely followed by Starling and Monzo. This outcome echoes a persistent trend over the past three years where digital banks have outperformed their peers, primarily due to their innovative use of technology which enhances overall customer service.
Despite only representing 6% of the UK’s primary banking relationships, neobanks and digital banks have consistently achieved high customer satisfaction ratings. Conversely, traditional high street banks like Co-operative Bank, Virgin Money, and the Royal Bank of Scotland have found themselves at the lower end of the ranking spectrum.
So, what strategies can banks employ to climb up the rankings? As the banking industry progresses, adopting a customer-centric, efficient, and intelligent approach will be vital for banks aiming to enhance their CMA rankings and outshine competitors. Banks are encouraged to utilize data analytics to elevate customer experiences and leverage technological advancements to optimize workflows and operational efficiency.
By embracing innovative solutions, banks can transform and enrich every phase of the customer journey, from acquisition and onboarding to retention.
These efforts are not just about staying competitive; they are about driving continuous improvement, meeting evolving customer expectations, and fostering economic growth within the UK banking sector.
FullCircl’s recent whitepaper delves into effective strategies and emerging trends that banks can adopt to advance their positions in future CMA surveys.
The document covers a range of topics from exploiting digital banking platforms and integrating CRM data, to employing Artificial Intelligence, Machine Learning, Natural Language Processing, and advanced data analytics. The paper also explores cutting-edge methods in Customer Due Diligence (CDD) and compliance with regulatory standards, alongside innovations in Digital Identity Verification (IDV).
The whitepaper further details strategies to elevate bank rankings by blending human and digital interactions to enhance customer service, improving access to financial literacy and services, integrating Customer Lifecycle Management (CLM) to better customer journeys, and incorporating ESG factors into decision-making processes. It also provides insights into optimizing the onboarding process to enhance efficiency.
Download the guide here.
Keep up with all the latest FinTech news here
Copyright © 2025 FinTech Global
Investors
The following investor(s) were tagged in this article.
