UK Retail Banking Competitor Benchmarking Report 2024: Financial Performance of the Top 15 Banks - Lloyds Banking Group Remains the Leading Provider

Core Insights - The report "UK Retail Banking: Competitor Benchmarking 2024" analyzes the financial performance of the top 15 banks in the UK, focusing on market shares and financial ratios of key retail banking products [1][6] - It evaluates customer satisfaction, Net Promoter Score, and the effectiveness of banks in cross-selling and upselling products [2][4] Financial Performance - Lloyds Banking Group leads the market share in main retail banking products, while challengers like Monzo and Starling are gaining ground [3] - Barclays experienced a significant decline in credit card market share, dropping nearly 10 percentage points from 2018 to 2023 [5] Customer Relationships - Starling is recognized as the top bank for Net Promoter Score, indicating strong customer relationships, whereas First Direct has the lowest customer confidence in achieving financial goals [4][5] - RBS recorded the lowest Net Promoter Score in 2024, with 30% of its customers identified as detractors [5] Customer Satisfaction - Overall satisfaction with branch and call center access has decreased annually since 2022, highlighting a growing concern among customers [4] - Digital problem resolution satisfaction is notably low, suggesting banks are not adequately addressing customer issues despite branch closures [4] Actionable Steps - The report provides insights into the successes and failures of each bank, along with recommendations for addressing shortcomings in customer service and product offerings [2][6]