Top five banks for businesses in the U.K
When it comes to top ranking in the banking sector people start thinking about numbers immediately but, is that all there is to banking? Certainly not! Another important key area is customer satisfaction. Our list of Top five banks in the United Kingdom aims to give you a better insight on what the Banks with large assets may lack when large assets holding is not the criterion.
Starting with the numbers, in 2008, Britain’s largest assets holding banks were struggling to raise their numbers until 2011 when numbers finally stabilized and these giants started to hold a better position. However, analysts confirmed that their profits have not and may never reach the pre-crises levels. These big fishes of banking in the United Kingdom have managed to hold the top five positions when it comes to asset holdings. Interesting enough there is little change in the top five banks all these years.
HSBC, the top ranked bank even back then, held £1,736 billion in assets in 2008. With a customer base of over 50 million people across the globe and dual primary listing on Hong Kong Stock Exchange and London Stock Exchange HSBC still stands first with £1,643 in assets.
Times are certainly very good for Barclays stood at number four in 2008 with £ 2,320 billion in assets. Crunching numbers certainly paid off for Barclays in the recent years, although this 300 years old institution is still struggling with its brand image. It currently holds £1480 billion in assets and second spot on the top five list.
3. Royal Bank of Scotland Group
Partly owned by the government Royal Bank of Scotland group’s assets stood at £2,508 billion in 2008 but the total market value was lower than HSBC making it second biggest fish of banking in the United Kingdom. Now in 2014 with around 2100 branches and over one million employees Royal Bank of Scotland holds £1,213 billion in assets and third spot of banking in the United Kingdom.
4. Lloyds Banking Group
Lloyds Banking Group suffered the biggest loss in the history of banking in the United Kingdom but it’s not that bad now that the government owns over 40% shares. In 2008, the bank held £1195 billion in assets and the third position but now it holds £832 billion in assets, however the good news is taxpayers own a huge chunk of these assets.
5. Standard Chartered Bank
Standard charted made a better equity return in the top five and more than doubled its assets in last few years. The tiniest giant of banking in the United Kingdom consistently maintained its position as the fifth largest bank of the United Kingdom. Its assets stood at £299 billion in 2008 and after six years of hard work its assets now stand at £499 in 2014.
Enough of the dry number talk now let’s take a look at who stood where when it comes to the small things that matter to the customers. You would be amazed to see where these top five giants of banking in the United Kingdom stand as far as the customer satisfaction is concerned.
Our giant HSBC regretfully stood at number 12 in a recent survey conducted by Useful Banking. Over 9000 British consumers rated their banks into three simple categories: Great, Ok and Poor. HSBC secured 44% Great votes, 42% Ok votes and 15% Poor votes. That’s not it our giant number 2 Barclay stood at 9 with 48%, 40% and 13% percent votes in these categories respectively. Lloyd following in the footsteps of its competitors stood at 11 with 47% great, 40% Ok and 13% Ok votes. Royal Bank of Scotland and Standard Chartered did not even make it into the top 15 list. Bank of Scotland is fighting to decrease customer complaints – probably after Barclay fiasco – but still has a long way to go to make another good impression.
1. First Direct
Yes, our giant is not a total failure after all. HSBC’s independently operating telephone and internet-based retail bank division First Direct managed to secure this position with 93% great, 6% Ok and 1% poor votes. These numbers were 91%, 7% and 2% respectively, in February 2013.
2. The Co-Operative Bank
Looks like staying ethical and deciding not to invest in arms trade, fossil fuel extraction, genetic engineering, animal testing and of course the hard work paid off well for Co-Operative Bank. It stands on the second most satisfying bank for the consumers with 76% great, 18% ok and 6% poor votes.
3. Santander – 123 Accounts
Well the Spaniards certainly know how to keep their consumers happy. Santander is offering its 123 account holders monthly cash backs on selected household bills, monthly interest of 3% with a $2 monthly account fee. This just might be the reason or the customers truly feel satisfied with the services, either ways Santander received 75%, 20% and 5% votes in great, ok and poor sections respectively.
4. Nationwide Bank
The building society secured a better position than the giants when it comes to customer satisfaction. It secured 73% great, 22% ok and 5% poor votes in the survey. They have improved their numbers by a large margin from last year when they stood at 66%, 28% and 6% in a similar survey.
5. Santander – all services
This may sound a bit unfair to other banks and www.usefulbanking.co.uk/ did not provide a rationale for dividing Santander services into two halves but then again they did the same with HSBC only because First Direct operates indecently. Our Spanish friends are indeed doing it better than our local giants. Santander secured 62% great votes, the margin is noticeable when it comes to its 123 services but better than other banks on the survey list. It secured 27% and 11% votes in ok and good categories.
It is quite evident that customer satisfaction is not the priority for our giants of banking in the United Kingdom. But is it really so or is it really hard because to make money and keep people satisfied at the same time is not the priority? HSBC stands first in the numbers game however its division First Direct managed to win hearts by working independently. Whatever the reasons may be, the people have spoken and they demand better services from all their banks else, they are ready to reject the giants and take their business to those who care.