8 min read

Benchmarking Banks - what is a good NPS score?

Benchmarking Banks - what is a good NPS score?

Everyone loves a benchmark, so we scoured the internet (and chatted to some AI) to find NPS scores for banks across the world to use as yardsticks for performance. When it comes to benchmarking, while comparison is great, it is important to remember that any statistic is just that, a number, and it is important to remember that many factors impact a score. When it comes to NPS (Net promotor score) methodology, timing, question wording and customer profile all impact the end result, and this variability should always be considered when comparisons are made. Often, when embarking on a NPS programme, and associated targets, it can be more useful to conduct a benchmark study among your own customers to determine your own baseline NPS score, and then track improvements against your baseline. That being said, here are some insights that can provide insight into how other organisations are reported to be performing in terms of NPS in the last few years.

 United Kingdom

  1. Barclays Bank (NPS: 12)
    Barclays Bank is one of the largest banks in the UK with a net promoter score (NPS) of 12. In recent years, the bank has been in the news thanks to significant investments in technology to improve its customer experience, including introducing a chatbot and enhancing its mobile banking app. However, the bank has also faced criticism for closing branches, which can negatively impact customers who prefer face-to-face interactions.
  2. HSBC Bank (NPS: 20)
    HSBC is a multinational bank headquartered in London and has invested heavily in digital transformation, including launching a digital-only bank called HSBC Kinetic in the UK. However, the bank has also faced criticism for its customer service, with some customers reporting long wait times and difficulty reaching customer service representatives.
  3. Nationwide Building Society (NPS: 34)
    Nationwide Building Society is a UK-based mutual financial institution that has been recognised for its exceptional customer service, including winning the Customer Service Champion award at the 2021 Moneyfacts Awards. Nationwide has also invested in improving its digital capabilities, including launching a new mobile banking app.
  4. Royal Bank of Scotland (NPS: -8)
    Despite being a large and established bank, RBS has faced criticism in recent years for its handling of customer complaints and its decision to close branches in rural areas. In 2019, RBS announced that it would close 54 branches across the UK, with many of these closures impacting rural communities. The move was met with significant backlash, with customers and politicians criticising the bank for abandoning rural communities and making it more difficult for customers to access banking services. However, the bank has taken steps to address these issues and improve customer experience. For example, RBS has invested in digital channels to make it easier for customers to access banking services and has committed to improving its handling of customer complaints.
  5. Bank of Ireland (NPS: -14)
    Bank of Ireland is one of the largest commercial banks in Ireland but the bank has been criticised for its handling of customer complaints and its decision to close branches in rural areas, which has led to a decline in customer satisfaction. In recent years, the bank has made efforts to improve its customer experience by investing in digital banking channels and introducing new products and services. However, the bank still faces challenges in regaining the trust of its customers, particularly those in rural areas who feel underserved by the bank's branch closures. The bank has also committed to opening new branches in underserved areas, although it remains to be seen if these efforts will be enough to improve its NPS score and customer satisfaction levels.

United States

  1. Chase Bank (NPS: 41)
    Chase Bank is one of the largest banks in the US and has invested heavily in digital transformation, including launching a digital-only bank called Finn by Chase. However, the bank has also faced criticism for its overdraft fees and customer service, with some customers reporting difficulty reaching customer service representatives.
  2. Bank of America (NPS: 14)
    Bank of America is a multinational bank headquartered in Charlotte, North Carolina. The bank has made significant investments in technology to improve its customer experience, including launching a virtual assistant called Erica. However, the bank has also faced criticism for its fees and customer service, with some customers reporting long wait times and difficulty reaching customer service representatives.
  3. Ally Bank (NPS: 47)
    Ally Bank is a digital-only bank based in Charlotte, North Carolina and has been recognised for its exceptional customer service, including winning the J.D. Power award for the highest customer satisfaction among direct banks for the fifth year in a row. Ally Bank has also invested in improving its digital capabilities, including launching a new mobile banking app.
  4. TD Bank ( NPS: 35)
    TD Bank is widely recognised for its exceptional customer service, which is a core part of the bank's values. The bank offers extended branch hours, including being open on weekends and holidays, which is not common among most banks. TD Bank also emphasises a customer-first approach to product development, which has resulted in innovative and customer-friendly products such as their mobile app, which has received high praise from customers for its user-friendly interface and convenience. TD Bank has also implemented various customer service initiatives to enhance its customer experience, including a "Wow! Guarantee" program, where customers receive a $25 rebate if they are not completely satisfied with the bank's service. The bank's customer-centric approach has resulted in numerous awards and recognitions, including being named "Best Big Bank" by Money magazine and receiving the J.D. Power award for customer satisfaction in retail banking for multiple years in a row.

Australia:

  1. Commonwealth Bank (NPS :1)
    Despite the negative publicity surrounding the bank's scandals, the Commonwealth Bank has been praised for its digital innovations and commitment to improving customer experience. In 2019, the bank launched a new mobile banking app that offers features such as cardless cash withdrawals and real-time alerts for transactions. The app has been well-received by customers and has helped to improve the bank's overall digital offering.
  2. ANZ Bank (NPS: 0.)
    ANZ Bank has been criticised for its handling of customer complaints, with many customers reporting that they have experienced delays and a lack of transparency when trying to resolve issues. The bank has also faced criticism for its decision to close branches in rural areas, which has left some customers without access to in-person banking services.
  3. Westpac Bank (NPS of -1)
    The record-breaking fine levied against Westpac Bank in 2020 was the result of serious breaches of anti-money laundering and counter-terrorism financing laws. The bank was found to have failed to report over 19.5 million international funds transfers, including transfers that were suspected to be linked to child exploitation. The bank has since pledged to improve its systems and processes to prevent similar breaches from occurring in the future. However, the scandal has damaged the bank's reputation and contributed to its negative NPS score.

EUROPE

  1. Crédit Mutuel (NPS: 45)
    Crédit Mutuel is one of the major banks in France, and has invested heavily in technology to improve the customer experience, including the introduction of an AI-powered virtual assistant named Max. This virtual assistant can handle customer queries and provide personalised assistance. Additionally, the bank has set up a "customer experience laboratory" to test new ideas and to get feedback from customers on the quality of service provided by the bank. These initiatives have been well received by customers, contributing to the high NPS score of the bank.
  2. Société Générale (NPS: -10)
    Société Générale has a negative NPS score of -10, reflecting a customer base that has been largely dissatisfied with the bank's customer service and experience. The bank has invested in technology to try to improve the experience, including a chatbot named GIA, which can handle customer queries and provide assistance. However, the bank has faced criticism for its lack of transparency around fees and charges, as well as its slow response time to customer complaints. As a result, the bank has been struggling to improve its NPS score, and there is a need for significant improvements to be made in order to regain customer trust.
  3. ING Bank (NPS: 46)
    ING Bank is a Dutch multinational banking and financial services corporation with an impressive NPS score of 46. The bank has focused on simplifying its products and services to improve customer experience and has invested heavily in digital transformation. ING Bank has been praised for its focus on simplicity and convenience for customers. They offer an easy-to-use mobile app that allows customers to access all of their accounts and complete transactions quickly and efficiently. ING has also been recognised for its excellent customer service, with a dedicated team of representatives available to assist customers with any issues they may have.
  4. Nordea Bank (NPS: 8)
    Nordea Bank is a Nordic financial services group that operates in 19 countries, including Sweden, where it is headquartered. The bank has been criticised for its handling of customer complaints and has faced regulatory fines for anti-money laundering violations. Despite facing criticism, Nordea Bank has made strides to improve its customer experience. The bank has invested in digital transformation and has introduced new tools and services to help customers manage their finances more easily. They have also taken steps to improve their complaint-handling process, including hiring more staff to handle customer complaints and implementing new procedures for resolution.
  5. Deutsche Bank (NPS: -11)
    Deutsche Bank is a German multinational investment bank and financial services company. The bank has faced numerous scandals in recent years, including allegations of money laundering, and has struggled to regain the trust of its customers. Despite its negative NPS score, Deutsche Bank has been making efforts to improve its customer experience. The bank has introduced new technology, including an AI-powered virtual assistant, to make banking easier and more convenient for customers. They have also launched a new mobile app that allows customers to manage their accounts on-the-go. Additionally, Deutsche Bank has taken steps to address past scandals and regain the trust of its customers, including a commitment to transparency and ethical business practices.

Asia

  1. DBS Bank (NPS: 61)
    DBS Bank, based in Singapore, has consistently been recognised for its innovative customer experience initiatives. The bank has implemented a number of digital initiatives, such as mobile banking and a virtual assistant named 'POSB digibank Virtual Assistant', which has helped the bank provide excellent customer service to its customers.
  2. OCBC Bank (NPS: 41)
    OCBC Bank, another bank based in Singapore, has been praised for its mobile banking app, which has won multiple awards for its intuitive design and user experience. The app allows customers to easily manage their finances and provides personalised insights into their spending patterns.
  3. HSBC Hong Kong (NPS: 8)
    HSBC Hong Kong has an NPS score of 8, which is relatively low compared to other banks in Asia. The bank has been criticised for its customer service, with customers reporting long wait times and difficulty resolving issues. However, the bank has recently launched a new mobile banking app and invested in technology to improve the customer experience.
  4. HDFC Bank (NPS: 44)
    HDFC Bank, one of the largest banks in India, has been recognised for its excellent customer service, with a focus on providing personalised experiences to its customers. The bank has invested in technology to improve the customer experience, including launching a chatbot named 'Eva'.
  5. ICICI Bank (NPS: 45)
    ICICI Bank, another major bank in India, has an NPS score of 45. The bank has been praised for its innovative customer experience initiatives, such as its mobile banking app that allows customers to open a savings account in just four hours. The bank has also implemented a chatbot named 'iPal' to provide personalised customer service.

AFRICA

  1. Absa Bank (NPS: 10)
    Absa Bank has undergone significant changes in recent years, including a rebranding effort and a restructuring of its business. Absa has invested in technology to improve the customer experience, including launching a mobile app that allows customers to access a range of services, from opening an account to making payments.
  2. Capitec Bank (NPS: 60)
    Capitec Bank is a South African retail bank with an impressive NPS score of 60. The bank is known for its low fees and customer-focused approach, which includes longer branch hours, convenient digital banking options, and easy-to-understand products. One of the key factors contributing to Capitec Bank's high NPS score is its low fee structure. The bank offers low monthly fees and transaction fees, which makes it accessible to customers who might otherwise not be able to afford traditional banking services. Capitec Bank also offers a range of affordable and easy-to-understand banking products, including personal loans, savings accounts, and credit cards.
  3. First Bank of Nigeria (NPS: -21)
    First Bank of Nigeria has a negative NPS score of -21, reflecting a customer base that has been largely dissatisfied with the bank's customer service and experience. The bank has faced criticism for long wait times and poor communication with customers. However, First Bank of Nigeria has also invested in technology to try to improve the experience, including launching a mobile banking app that has been well received by some customers.
  4. Attijariwafa Bank (NPS: 33)
    Attijariwafa Bank is the largest bank in Morocco and has an NPS score of 33. The bank has been recognised for its efforts to improve customer experience, including enhancing its mobile banking app and expanding its branch network. n addition to digital transformation, Attijariwafa Bank has also been expanding its branch network to improve accessibility for customers. The bank has opened several new branches across Morocco, including in rural areas, to ensure that customers have convenient access to banking services. Attijariwafa Bank's commitment to improving customer experience has earned the bank several awards and recognition. In 2021, the bank was awarded the "Best Digital Bank in Morocco" by Global Finance magazine, highlighting the bank's efforts to leverage technology to enhance customer experience.
  5. Emirates NBD (NPS: 49)
    Emirates NBD is a leading bank in the UAE, with an NPS score of 49. The bank has invested in several initiatives to enhance the customer experience, including launching a mobile app that enables customers to open an account in minutes, and introducing a voice-activated chatbot named EVA to assist customers with their queries.

Net Promotor scores vary wildly across the globe, however common themes can be identified across geographies and customer populations. A need for trust in the bank as a good corporate citizen, a need to meet customers where they are, both geographically and digitally and a need for increasingly seamless service and transactions all contribute to positive customer outlook regarding bank brands.

If you are looking to improve your own customer experience, or launch a new programme, contact us to have a chat about the best way to start engaging with your clients and making changes

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