Latest Fairbanking Ratings report shows banking providers making
significant improvement to how well some products help customers
Fairbanking Ratings: Reaching for the stars
This report reviews five core banking product types: current accounts with an overdraft facility, current accounts without an overdraft, savings accounts, credit cards and for the first time, personal loans. The ratings reflect the extent to which each product reviewed includes features that, when used by the customer, are likely to improve his or her level of financial well-being.
The ratings in this report are based on the results of a survey completed this year by 58% of the 55 banking institutions to which it was sent, with the products of those not responding included through assessment of publicly available information. Five of the top six institutions did respond fully to the survey, so the report does cover the majority of the market.
Overall, this latest report found reasons to be really very encouraged by the extent of improvement it has identified. In contrast to the first report in 2010 when results were rather dismal, and the 2011 report which showed just marginal improvement, this 2013 report shows significant product improvement from a variety of institutions.
The Fairbanking Ratings shown in this report indicate which products have the potential to gain a Fairbanking Mark – a certification resulting from an accredited process using internationally recognised standards. These Marks act as evidence of success against a more thorough examination of the product, including independent research amongst substantial numbers of holders of the product.....view the full report here.
First 5 star Fairbanking Mark granted
The RBS/Nat West Instant Saver with Savings Goals product has been granted the first ever 5 Star Fairbanking Mark. As with all products earning a Mark, the accreditation process involves extensive independent research. Ipsos MORI tests the extent to which the product has genuinely helped customers to improve their financial well-being. The Instant Saver with Savings Goals passed with flying colours....view the full research findings here.
"A better kind of banking"
This paper pulls few punches, it is argued that the people leading Britain’s main banks have a once in a lifetime opportunity to turn them into better organisations – ones that make money by working for the good of the customers, businesses and communities who depend upon them.....view the full report here.