Revolut tops high street banks in UK reputation rankings
Revolut has emerged as the UK’s top-ranked bank, outperforming several other traditional high-street banks, according to a reputation analysis methodology by media monitoring experts at CARMA.
The digital challenger bank’s strong ranking was largely driven by standout scores related to its products and services, along with its financial performance and conduct.
CARMA’s unique analysis methodology combines news and social media monitoring with nationally representative UK audience research to evaluate leading UK banks, Lloyds, NatWest, HSBC, Revolut, and Starling Bank, across six key pillars: products and services, performance, conduct, culture, vision, and sustainability.
Revolut secured the highest overall reputation score at 38, followed closely by HSBC and Lloyds Bank (both at 34), then NatWest (33) and Starling Bank (30).
The results were driven by what matters most to UK audiences: products and services. CARMA’s audience research found this pillar to be the most influential across all age groups, with 59% of all respondents saying it directly impacts their perception of a bank.
Revolut’s strong reputation in this area, bolstered by positive coverage of its international functionality, decision to base operations in Paris, and cryptocurrency capabilities, played a key role in securing its top ranking.
Lloyds and HSBC also stood as strong contenders with scores of 49 and 47 in the products and services pillar, having successfully redirected negative media coverage to focus on positive messaging. Both banks suffered peaks in negative coverage, surrounding Lloyds’ branch closures and HSBC’s app crashes and litigation affairs. However, negative sentiment received by both banks was largely mitigated by successful communication surrounding strategic restructuring, which helped to curb the reputational effects of critical stories.
While NatWest received a score of 42 in the products and services pillar, it’s overall reputational score (33) was held back by critical social media sentiment concerning cryptocurrency restrictions and branch access, as well as CEO Paul Thwaite’s 40% pay rise, which was compared to the lower-level wages of other employees.
Starling Bank received the lowest overall reputational ranking, scoring just 30; a score directly linked to the backlash following the removal of its 3.25% interest rate prompting sharp criticism and a wave of negative media coverage, as well as its ‘return to office’ mandate which sparked a string of senior resignations.
While all banks scored high in the products and services, reputation scores declined significantly in the areas of culture and sustainability, primarily due negative sentiment from hyper-critical social media users. Revolut received a culture score of 27, with Starling Bank trailing further behind at 19. However, CARMA’s research demonstrates that positive branding around a bank’s culture and vision only resonates with consumers when backed by clear service story.
Orla Graham, Insights Consultant at CARMA said: “It’s striking to see a challenger bank like Revolut rise above traditional, long-standing high-street names. It shows how effectively the bank has managed its social, media, and public perception and its ability to perfectly align and resonate with UK audiences. Products and services remain paramount to consumers, closely followed by performance and conduct. Revolut has performed strongly in these areas, showing how a focussed approach can drive standout reputational outcomes – even against more established competitors.”
Read the first in the Reputation by CARMA: UK & US Brand Benchmarks series here. The series will continue with reports that also cover FMCG, Retail and Tech.