The Competition and Markets Authority (CMA) said banks must publish information on how likely people would be to recommend their bank. Together with the Financial Conduct Authority (FCA) the Competition & Markets Authority (CMA) have released data on quality of service for the first time, marking a historic step for Open Banking and putting a mass of customer data in the hands of fintechs and comparison websites.
Adam Land, senior director at the CMA, said: “For the first time, people will now be able to easily compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better. The rankings are based on an independent survey of thousands of personal and small business customers, carried out by Growth from Knowledge and BDRC.
Rankings “must be prominently displayed in banks’ branches, as well as on their websites and apps,” the CMA said.
Full Content: Independent, Bobs Guide
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