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Starling tops CMA ratings for business banking quality

Starling tops CMA ratings for business banking quality

The UK's Starling Bank has shot straight to the top of charts in the latest rankings of business banking services by the Competition and Markets Authority.

The latest results from the bi-annual study conducted by BVA DMRC include Starling and Virgin Money as new entrants to the Business Current Accounts survey, in which approximately 1,200 customers a year are quizzed for each provider.

The results show how each bank is rated on overall quality of service and make it easier for people to compare offers. Since the survey’s introduction in August 2018, providers have been required to display their ranking prominently both in branch and on their websites and apps. The CMA also made it compulsory for all relevant banks to take part in the survey, so customers get the full picture.

Adam Land, senior director at the CMA, says: “The past year has put financial pressure on many people and small businesses, and this is the first full set of results to reflect how banks have supported customers through this difficult period. If the service and quality offered by your bank has not been up to scratch, you may well be able to do better.”

Starling tops the charts in three out of the four categories for which it was eligible, including overall service quality, online and mobile banking services, and SME overdraft and loan services. In terms of relationship/account management it ran a close second to Handelsbanken.

"After just three years in business banking, we’re beating the incumbents and have a 6% market share for UK SME banking," states Helen Bierton, chief banking officer at Starling. "Customers love that it is so simple and quick it is to open an account and that there are no monthly fees.”

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