Financial news

The British Bank Awards 2023, hosted by Smart Money People, took place on Thursday evening in London bringing together industry leaders to recognise excellence in the banking sector.

In a surprising turn of events, Chase claimed top honours, securing the title of Best British Bank as well as Best Savings Provider and Best Current Account Provider.

This marked the first time in five years that neither Monzo nor Starling Bank claimed the coveted top spot. However, both banks managed to secure their own triumphs during the event. Monzo was recognised as the Best Banking App and also received accolades for being the Best Credit Card Provider. Starling Bank, on the other hand, was named the Best Business Banking Provider.

Comedian Dominic Holland played the role of the evening’s host at The Londoner in Leicester Square.

One notable first-time winner at the British Bank Awards was Leek Building Society, which clinched the titles of both the Best Building Society and the Best Building Society Savings Provider. Other notable multiple award recipients included Tembo and ClearBank.

Yonder, the rewards credit card for Londoners, made its entrance onto the banking scene in 2022 and was honored as the Best Newcomer at this year’s awards. Their perfect score in customer reviews showcased the high level of satisfaction among their users.

Ninth annual awards

The British Bank Awards saw a significant increase in participation this year, with nearly double the number of votes compared to previous years. Over the course of 13 weeks, more than 156,000 reviews were submitted across 29 categories. The event was sponsored by The Fintech Times, 71a, GDS link and Finova.

The awards are determined by asking customers to vote for their favourite product provider by leaving them a rating out of five and then a review on the Smart Money People website. Smart Money People also asks the customer to give a rating for customer service, NPS, value for money and whether they felt fairly treated.

Jacqueline Dewey, CEO of Smart Money People, expressed her thoughts on the evening’s results: “The cost of living crisis means that financial service companies are providing an increasingly important role, supporting their customers during such a difficult time. They’re also facing additional pressures of their own, not to mention the challenges posed by frequent base rate changes and impending Consumer Duty requirements. So it’s great to recognise those going above and beyond during the past year.

“The British Bank Awards are 100 per cent down to the voice of the customer and the reviews we receive on Smart Money People. There’s no judging panel, making the achievement all the more special. Both the finalists and the winners of the awards this year should be extremely proud of their achievements.

‘From our new entrants to returning regulars, we thank all companies who’ve entered and sponsored awards. It’s been wonderful to celebrate the first British Bank Awards with our new branding, and we’re looking forward to celebrating our 1Oth anniversary next year.”

The 2023 winners

• Best British bank – Chase
• Innovation of the year – Tembo
• Best banking app – Monzo
• Best newcomer – Yonder
• Customer service champion – Darlington Building Society
• Treating customers fairly champion – Habito
• Personal finance journalist of the year – Georgie Frost
• Online financial influencer of the year – The Savvy Spender (highly commended – mrdealsmanchester)
• Best building society – Leek Building Society
• Banking-specific awards
• Best alternative finance provider – CapitalRise
• Best business banking provider – Starling Bank
• Best business finance provider – Allica Bank
• Best credit card provider – Monzo
• Best current account provider – Chase
• Best investments provider – Moneybox (highly commended – Circa5000)
• Best specialist mortgage provider – Chorley Building Societ
• Best mortgage broker – Tembo
• Best online trading platform – Freetrade
• Best personal finance app – Plum
• Best personal loan provider – Zopa
• Best savings provider – Chase
• Best ethical financial provider – Triodos Bank
• Best children’s financial provider – HyperJar
• Best building society savings provider – Leek Building Society (highly commended – Marsden Building Society)
• Marketing and PR partner of the year – Teamspirit
• The pioneer award – ClearBank
• RegTech partner of the year – FullCircl
• Technology partner of the year – ClearBank
• Consultancy of the year – 11:FS