Fairbanking Ratings Report 2017

A Tipping Point in UK Banking Culture?

By: Antony Elliott and Sureena Santos

The latest Ratings Report, which analyses the period between 2013 and 2016, finds evidence that the banking sector is showing signs of putting the financial well-being of customers at the heart of its products.

A key driver of this trend is fintech innovation, with new standards being set in customer control and experience in banking products. Fintech innovators have been catalysts for this change which is now at an industry tipping point, as many large banks begin to follow early adopters.

Fairbanking Ratings Report 2017
“It’s time now for all providers to join the party and use the momentum behind this positive change for the good of their customers.” Antony Elliott
Chief Executive, The Fairbanking Foundation
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Published in February 2017, this is the fourth Ratings Report by the Fairbanking Foundation which analyses a record number of financial products in a total of eight categories.

The categories are current accounts (with and without overdraft), savings accounts, credit cards and personal loans, while mortgages, children’s savings and student current accounts are evaluated for the very first time.

Customers now have the right to expect better service and better products from financial service providers.Fairbanking Ratings Report 2017
Hopefully, by the time the Fairbanking Foundation’s next report is published, we will be further along the road to a marketplace that offers better products, more financial security and a good deal less anxiety to the more vulnerable members of UK society.