Metro Bank was established in 2010 as the first to open in the UK in more than 150 years. Since then, it has garnered a significant following, and many people rely on its services to meet their financial obligations. This bank is known for its free coin counting, no nonsense approach to banking, and in-store dog-friendly policy. However, as with any business, there are always concerns about its performance, leading to Metro Bank reviews.
In this comprehensive article, we will look at Metro Bank, its history, services, and customer reviews to help you determine whether it’s the right bank for you.
History of Metro Bank
Metro Bank, as mentioned earlier, began in 2010 after its launch in London. With a vision to challenge traditional banks, the founders promised to create a customer-focused bank that would set the benchmark for banking in the United Kingdom.
Both the bank’s online and offline services have been complemented for their ease of use and friendly approach. Customers can also have accounts opened within 15 minutes at any of the bank’s stores or spread across the UK.
Services Offered by Metro Bank
As a financial institution, Metro Bank offers a range of products and services to meet various client needs. Some of the services it provides include personal banking, business banking, investment banking, and commercial banking.
Personal Banking – This encompasses savings accounts, current accounts, credit cards, loans and mortgages. Customers can also benefit from the Bank’s safety deposit boxes located in some of its stores across the UK.
Business banking – The bank provides different types of accounts for businesses, including business savings, current accounts, and investments. Also, business customers can benefit from payment services, overdrafts, and wide range of loan products.
Investment banking – Provides clients with a range of financial instruments, including market analysis, corporate restructuring advisory, IPOs, and dual track processes.
Commercial Banking – offers services to larger corporations and financial institutions. This includes corporate finance, cash management, debts and deposits, among others.
Metro Bank’s Customer Reviews
Since its inception, Metro Bank has attracted considerable attention. Most reviews have been positive and centered on the bank’s innovative approach and customer-oriented focus. A survey conducted by Which? in 2019 found out that Metro Bank ranked first with excellent customer satisfaction amongst UK banks.
Metro Bank’s in-store customer service has been highly praised, with staff renowned for being friendly and helpful. In-store services such as coin counting and the dog-friendly policy, have also attracted exceptional reviews.
A review by Trustpilot, an independent review platform, shows that 55% of customers rated the bank as excellent, 28% as great, 9% as average, 3% as poor, and 5% very poor. The overall rating on Trustpilot was 4.3 out of 5 before the scandal erupted.
Metro Bank Exposes Accounting Irregularities
In January 2019, the bank sparked panic after revealing that internal reports had revealed what it termed as “accounting irregularities.” Fuelled by social media and intense media scrutiny, customers started queuing at the bank’s headquarters to withdraw their savings, leading to a significant loss of revenue.
This revelation sent shockwaves across the UK banking sector, bringing into question the efficacy of the bank’s internal systems and processes. The bank’s shares drastically dropped, and the bank was forced to raise over £375m in capital to cover perceived shortfalls.
Metro Bank was also fined £630,000 by The Prudential Regulation Authority (PRA) due to significant shortcomings in its mortgage lending processes, leading to incorrect reporting of its risk-weighted assets.
As a result of the accounting scandal, the bank faced different investigations from regulatory authorities, including the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Metro Bank since apologized, and its management committed to improving oversight and governance to prevent a recurrence.
Conclusion
Metro Bank is a relatively young bank that has had a mix of reviews. Despite the accounting scandal, the bank has shown resilience and a commitment to implementing more stringent systems and processes.
Its commitment to providing innovative and flexible banking services has helped gain customer loyalty, which is reflected in its high rating on customer review sites like Trustpilot. Its unique in-store approach, such as allowing dogs and providing free coin counting, has also been popular with customers.
However, it is vital to consider both the positive and negative reviews before deciding whether to entrust your money and financial transactions to the bank. Ultimately, each client’s decision will be based on personal preference, banking needs, and the bank’s responses to people’s concerns in the wake of the accounting scandal.