9 August 2016
Matthew Carter, Product & Marketing Director at The Co-operative Bank, said: "Simplicity and transparency in the current account market is key to helping consumers get the right product for their individual circumstances. The CMA report fails to acknowledge that many customers are actually happy with their Bank. The Co-operative Bank's Net Promoter Score (NPS) is one of the highest in the industry and we have received a number of industry awards for our customer service. Our simple and transparent overdraft proposition, co-created with our customers, is one of the cheapest in the market and already includes a quarterly cap on total overdraft charges and our current account is 5-star rated by independent comparison site, Moneyfacts.
“The disproportionate costs on new and smaller Banks to enter and compete in the market means the bigger banks enjoy an advantage. Technology is already transforming the sector, with a significant shift towards digital channels away from the more traditional branch networks. This gives customers greater control of their finances through digital banking technology as it allows them to keep closer track on their money. There are already open market services consumers can use to compare products, but while they are helpful, we haven't seen wholesale switching as a result.”
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around five million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.