Retail banks’ reputation improves

Nationwide, Virgin Money and Halifax have been placed at the top of the latest reputation rankings for retail banks, despite the turbulent nature of the sector.

The retail banking sector has been somewhat underappreciated by UK general public since the financial crisis, however, there has been a significant improvement over the last two years, with banks coming from a distinctly negative score to be placed in the ‘average’ category, below the technology sector but above utilities.

The report, from the Reputation Institute, notes that perceptions of the banking sector have improved almost universally across the dimensions of reputation, including the products, services and perceptions of banks’ governance, citizenship and workplaces.

In terms of brand, the order remains as it has for the past four years, with Nationwide Building Society leading the pack. Perceptions of RBS, Lloyds Banking Group and Barclays have also improved.

Interestingly, Halifax and NatWest have benefitted from distancing themselves from their parent group, RBS, outperforming it by a large margin.

The top dozen were ranked as follows:
1. Nationwide Building Society
2. Virgin Money
3. Halifax
4. Lloyds Banking Group
5. Metro
6. Santander
7. Barclays
8. The Co-Op Bank
9. NatWest
10. HSBC
11. TSB Banking Group
12. RBS

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