Banks and building societies leapfrog retailers in customer satisfaction index

Katie Horne, banks relationship manager at Flagstone, said: “As neobanks and challengers have staked their claim over the UK personal finance market in the last decade, competition in the retail banking sector has never been hotter.

“As competition grew, the power balance shifted and customers are increasingly making their needs known about what they expect from their financial providers. This competition has fuelled huge investments by banks and building societies to create better customer experiences.

“Whether that’s overhauling apps and online banking services, introducing AI assistance, or even ‘going old school’ to expand customer services by phone, banks and building societies are listening to customers more than ever.”