Revolut Climbs to the Top of the UK Banking Ladder
Surprise, twist, and a little tech‑savvy panache. The digital banking maverick Revolut has just taken the crown in a reputation showdown that pitted it against the stalwarts of the UK high‑street scene – Lloyds, NatWest, HSBC, and even a fellow challenger, Starling Bank. The accolade comes from CARMA, a media‑monitoring firm that blends news chatter with the pulse of the UK public.
How the Scorecard Works
CARMA’s method is a little brain‑child of analytics: it mixes:
- Real‑time news and social media feeds
- Nationwide, representative surveys of UK folks
They then assign a stamp of approval across six big areas:
- Products & Services
- Performance
- Conduct
- Culture
- Vision
- Sustainability
Revolut’s Winning Formula
Revolut won the overall reputation award, hitting a solid score of 38. Behind it lie:
- Top‑notch product reviews (especially its global coverage, Paris HQ, and cryptocurrency chops)
- Strong financial performance
- Good conduct and ethics record
For context, HSBC and Lloyds followed at 34 each. NatWest landed at 33, and Starling Bank at 30.
Products & Services: The Big Hit
When audiences vote, the “what they can use” factor pulls the line. 59 % of respondents said it directly shapes how they feel about a bank. Revolut’s stellar product matrix, especially its international friendliness and crypto options, drew the most positive buzz.
HSBC & Lloyds: Speech‑less at the Outset, Then Winning the Talk
Both banks scored high in products (49 and 47). Yet they were hit by negative headlines – branch closures for Lloyds, app crashes & lawsuits for HSBC. The silver lining? Each rolled out strategic communication campaigns that quieted the storm. By pivoting the narrative, they turned the tide.
NatWest’s Rough Patch
NatWest had a decent products score (42) but was sputtered by:
- Criticism over crypto limits
- Branch access woes
- CEO Paul Thwaite’s hefty 40% pay rise (compared to regular staff)
All of which nudged their overall reputation down to 33.
Starling’s Downfall by Missteps
Starling Ski‑jumped ahead with a solid products rating but mis‑steps crept in:
- Removing the 3.25% interest rate led to a flood of backlash
- “Return to office” orders sparked senior resignations and negative media coverage
Result? An overall rating of 30, the lowest among the cohort.
Culture & Sustainability: A Nuisance of Negativity
Although all banks shone in the products realm, their culture and sustainability scores dipped sharply. Hyper‑critical social media chatter left:
- Revolut’s culture rated at 27
- Starling’s culture cardinally lower at 19
CARMA’s research suggests that positive messages around culture and vision only stick if they’re backed by a clear service story.
Expert Take
Orla Graham, Insights Consultant at CARMA, summed it up: “It’s fascinating to see a challenger bank rise above long‑standing high‑street giants. Revolut’s sharp handling of social, media, and public perception, coupled with its resonant message, exemplifies how a focused approach can yield standout reputational gains.”
Key takeaway: For the UK customers, product quality wins, but performance and conduct follow close behind. Revolut, with this combo, earned the crown.
