The UK’s first awards voted by the British public to find the nation’s best bank and financial products, has been launched by online review site SmartMoneyPeople.com.
The British Bank Awards are split into eight categories: best overall bank; most recommended bank; best customer service; best business banking; best current account; best value for money; best mortgage; and, best credit card.
To cast their vote, entrants simply need to visit www.britishbankawards.co.uk and write a personal review on a bank or financial product of their choosing. The star rating they give on questions relating to customer service, experience and recommendations will then be collated and the winners from each category announced in February.
Voters could also win £200 for their review and entries are open until 13th February 2015.
SmartMoneyPeople.com founder, Mike Fotis, is the driving force behind the British Bank Awards. A former Deloitte financial services consultant, Mike’s aim is to make the financial services industry more honest and transparent by crowdsourcing and sharing opinions on products and customer services. Similar to the tourism and retail industries, where consumer insight propels consumer decisions, Mike hopes more people will share their good and bad experiences to aid others making a judgement on which mortgage lender or current account to choose.
He explains: “Consumer confidence in the financial services industry is still relatively low and in recent years has been seriously impacted by the credit crisis, instability in the housing market and PPI.
“Today’s consumer is savvy. They research before they buy and why should it be any different with their bank account or insurance policy? Their motivations behind buying have changed too – they’re no longer just concerned about price but credibility, exemplary customer service and trust too. That’s why we’ve launched the British Bank Awards – we hope by sharing people’s experiences, we can create an annual league of the best financial services organisations and products, driven purely by customer reviews. These awards aren’t about shaming banks, but we hope will be a positive initiative to reward those who are performing the best.”
Despite only launching at the end of October, SmartMoneyPeople.com is already attracting a growing number of active early adopters, who are championing the site as ‘TripAdvisor for financial services’. Early analysis shows that Santander is currently leading the polls for most recommended financial services company in the UK with an average 8.6 customer rating out of 10, while Aviva closely trails behind at 8.4.
Commenting on the Santander 123 current account, reviewers said: “The online account management is easy to navigate and has a good layout. All the features are easy to use.” Carl.
“I think this is the best current account in the UK at the moment, as it is providing a 3% return on savings plus giving 1%-3% on my usual bills such as phone to gas/ electric. Quite impressed!” Craig.