UK Retail Banking Competitor Benchmarking – Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps

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Uk Retail Banking Competitor Benchmarking Market Report Overview

The UK retail banking industry had a good year in 2022 as most banks increased their net interest income and its average net interest margin (NIM) while reducing its cost/income ratio between 2021 and 2022.

This report explores both the financial performance of and customer attitudes toward UK retail banks. Key statistics such as total divisional assets and cost/income ratios are provided for all major players, alongside market shares for key products.

Key Banks Lloyds Banking Group, NatWest Group, Nationwide, Barclays, HSBC, Santander, Virgin Money, TSB, The Co-operative Bank, and Monzo
Financial Performance Financial Ratios and Market Shares
Key Retail Banking Products Retail Deposits, Residential Mortgages, Personal Loans, and Credit Cards
Customer Relationships Customer Tenure, Cross-Selling, Current Account Net Promoter Score, and Customer Loyalty
Customer Satisfaction Satisfaction Drivers of NPS, Overall Satisfaction, Digital Satisfaction
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UK Retail Banking – Financial Performance

In terms of financial ratios, 2022 was a good year for the UK banking sector across almost all metrics including TDA, NIM, retail net interest income, cost/income ratio, retail net free and commission income, and impairments as a % of TDA. In terms of market shares, Lloyds Banking Group remains the market leader across all retail banking products which include retail deposits, residential mortgages, personal loans, and credit cards.

UK Retail Banking Market Segmentation by Companies, 2022 (%)

UK Retail Banking Market Segmentation by Companies, 2022 (%)

For more insights on the companies in the UK retail banking market, download a free sample report

UK Retail Banking – Customer Relationships

The UK retail banking market research report covers key customer relationship parameters including customer tenure, cross-selling, current account net promoter score, and customer loyalty. In terms of customer tenure, RBS customers have the longest tenure, while Monzo’s have the shortest. In terms of cross-selling, Nationwide has most effectively cross-sold its products. Also, in terms of the current account Net Promoter Score (NPS), the two highest-scoring banks in terms of NPS are Monzo and First Direct, both of which are digital-only providers. Lastly, in terms of customer loyalty Bank of Scotland’s customers are the most unlikely to switch providers.

UK Retail Banking Market Analysis by Net Promoter Score (NPS), 2022 (%)

UK Retail Banking Market Analysis by Net Promoter Score (NPS), 2022 (%)

For more insights on customer relationships in the UK retail banking market, download a free sample report.

UK Retail Banking - Customer Satisfaction

The customer satisfaction segment of UK retail banking market reports comprises of key overall and digital satisfaction drivers for NPS in the popular banks. Some of the major drivers influencing NPS in the most popular banks in the UK are loyalty rewards, competitive prices, ease of access to branch/call centers, digital problem resolution, brand, and clear and simple products among others.  In 2022, loyalty rewards were the biggest determinant of NPS. Furthermore, Nationwide was the only provider to record an above-average net satisfaction score across every metric. In contrast, HSBC was the only bank with a below-average score across every metric.

UK Retail Banking Market Analysis by NPS Drivers, 2022 (%)

UK Retail Banking Market Analysis by NPS Drivers, 2022 (%)

For more insights on NPS drivers in the UK retail banking market, download a free sample report.

Scope

  • Royal Bank of Scotland (RBS) has the smallest proportion of new customers as a share of its total customer base, as only 4% of its customers have been with the bank for two years or less.
  • Of the banks covered in this report, Bank of Scotland’s customers are the most likely to switch to another provider, followed by Barclays.
  • Lloyds Bank remains the market leader across the four main retail banking products, although it has been steadily losing market share.

Key Highlights

  • Royal Bank of Scotland (RBS) has the smallest proportion of new customers as a share of its total customer base, as only 4% of its customers have been with the bank for two years or less.
  • Of the banks covered in this report, Bank of Scotland’s customers are the most likely to switch to another provider, followed by Barclays.
  • Lloyds Bank remains the market leader across the four main retail banking products, although it has been steadily losing market share.
  • The top four UK banks continue to account for over 50% of the current account market.
  • Loyalty reward programs and competitive pricing are the most important attributes determining NPS, despite loyalty rewards having the lowest net satisfaction.
  • UK banks have done well coming out of the COVID-19 pandemic, with all of them either maintaining or increasing their TDA levels and all but one bank reducing their costs in 2021.

Reasons to Buy

  • Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
  • Track competitor gains and losses in market share.
  • Assess the financial performance of competitors.
  • Detailed analysis of the drivers of customer advocacy.

Barclays
Lloyds Bank
Santander
NatWest
Halifax
Nationwide
HSBC
First Direct
RBS
Bank of Scotland
TSB
Monzo
Co-operative Bank
Virgin Money

Table of Contents

Executive Summary

Financial Performance

Customer Relationships

Customer Satisfaction

Actionable Steps

Appendix

Frequently asked questions

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