Popularity Grows for UK’s Online Banks

Online bank customers rate their bank more highly than they did a year ago. That is the conclusion drawn from the latest results from the Virtual Surveys’ Online Banking Survey (V-OBS). Results from the second quarter of 2003 show that 65 per cent of customers overall rated their online bank as excellent or very good. This compares with 58 per cent the same time last year. Quentin Ashby, Director at Virtual Surveys, who ran the survey across all online banks, said: ‘Some of the more highly rated online banks, such as Smile and First Direct, have continued to improve levels of customer satisfaction, but also some of the less highly rated online banks, such as Alliance & Leicester, NatWest and Egg, are now showing signs of improved performance.’ The higher levels of customer satisfaction seem to be primarily due to online banks improving the speed and usability of their banking sites. The range of products and services offered online has also improved. In particular, customers are rating online money transfer, direct debit and standing order functions more highly than at the same period last year.


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