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UK banks lagging behind in provision of financial management services

UK retail banks are lagging behind institutions in other nations when it comes to helping those that use online banking to make the correct financial decisions.

New research published by Forrester indicated that Barclays is currently the best-performing UK bank in this area after analysing the company across 53 separate criteria.

By using the criteria, Forrester created bank customer profiles, and analysed how easy it would be for these personas to achieve their online banking goals.

Barclays scored 66 out of 100, based on its success in account management, money movement, security and login and electronic statements, closely followed by Lloyds with 61 points and Santander with 60.

However, the report noted: “UK banks are not helping customers make better decisions. Leading banks in other countries, such as Citibank in the US and mBank in Poland, provide advice and recommendations within the secure website, building on the diagnosis of the customers’ situation to offer clear guidance on what to do."

By Gary Cooper