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The Big Four not up to scratch state experts

September 17, 2007 by admin  
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Industry experts have stated in a recent report that the four biggest UK banks are not living up to required standards when it comes to offering value and service to customers, despite the fact that they are raking in huge profits each year.

The reports stated that the Big Four – Barclays, Lloyds TSB, NatWest, and HSBC – are not providing customers with good service or value for money, and none of the current accounts from these banks qualified as ‘best buy’ products.

The report came from consumer campaign group, Which?. The group stated that the level of service offered by the Big Four was poor compared to some smaller rivals, and customers were not getting the service that they desired or deserved. The consumer group also added that both borrowers and savers are getting a raw deals from these banks, with high interest rates for borrowers and low interest rates for savers. Which? stated that the level of service and value from these banks is poor considering that they are raking in huge profits.

One spokesperson from Which? stated: ‘Some of the biggest banks on the high street get poor ratings while new providers get great reviews. If you’re still with one of the big four high street banks, now’s the time to move. Internet and telephone banks seem to treat their customers better and you can get much higher interest too.’ He added: ‘The big four offer a derisory 0.1% interest on most of their current accounts when you are in credit and they get poor overall satisfaction ratings from our customers.’

Amongst the banks that did rate well in terms of customer satisfaction were Smile, Cahoot, Intelligent Finance, and First Direct. The Big Four, on the other hand, only came out with the equivalent of a two star rating when it came to service and customer satisfaction according to Which?.

Tom Smith
17th September 2007

Tags: hsbc, which, barclays, lloyds tsb, natwest

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