However, just the act of banking with Triodos and being part of our growing customer numbers created more disruption in the banking world than people may realise. In our 25th anniversary year, it seems timely to thank you - our customers - for that support and explain the positive disruptive impact you create.
Triodos has pioneered sustainable banking and finance to be a reference point, providing leadership to show that banking can be positive for both the environment and people, whilst still being successful and robust. With talk of ‘building back better’ and a ‘green recovery’ from the Covid-19 pandemic, we are gaining increasing recognition with growing awareness of the need to change mainstream finance to be a force for good and of the need for finance to align to the UN Sustainable Development Goals.
It is customers voting with their feet and joining Triodos which creates disruption. It creates a ripple effect greater than the sum of its parts.
One form of recognition this year came when we were awarded the Queen’s Award for Sustainable Development which cited the bank for ‘a strong sustainability ethos and leading the way in creating a more sustainable approach in the banking sector’. We also topped the Ethical Consumer best buy tables again for our personal current account, savings and investments, establishing Triodos as the pinnacle for sustainable finance in the UK.
However, it is customers voting with their feet and joining Triodos and the recognition of awards voted for by our customers that are even more valued, and which create disruption on their own. It creates a ripple effect greater than the sum of its parts.
We are one of only five banks consistently seeing net growth in the UK current account switching service (CASS) data – that is the people who are fully switching their banking to another bank. So, those who have joined Triodos are ensuring we are listed nationally alongside very few banks demonstrating growth, and importantly we regularly lead on ‘net’ switching which is the number of new customers verses those leaving – showing that when people move to Triodos they stay!
We transferred to become a UK subsidiary of Triodos Bank N.V. in 2019 to be ready for all forms of Brexit and therefore became eligible as a UK registered bank to enter the British Bank Awards for the first time. These awards were voted for by customers who helped Triodos be named Customer Service Champion and come in second in the overall awards, as well as receiving a ‘highly commended’ recognition for our Personal Current Account. The success at these awards created something of a stir and ensured the banking sector and commentators are taking more notice of our customer growth and people’s demands for truly sustainable alternatives as well as high quality personal service.
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Our customers were also surveyed as part of the Fairer Finance league tables, where our savings accounts were this year rated higher than all other UK banks and building societies, most importantly rating considerably higher on Customer Trust. The importance of this customer affirmation is that it confirms that there is a real alternative where customers do not have to compromise in order to have their money aligned to their values.
It is also important support for Triodos Bank because the odds are really stacked against a truly different kind of bank. Most media regularly focus on disruptors as the fast growing ‘challenger banks’ and ‘fintechs’ looking primarily at growth and quirky service offerings. They rarely scrutinise their long-term viability, if they help address bigger societal needs or whether they offer anything really different to our existing high street banks.
Even the government’s own scheme comparing customer experiences of banks only covers the largest 19 banks and not the 140 or so options consumers have in the UK. The irony is that smaller might actually be better in terms of you being a valued customer and not just a number.
The challenges of sustainable alternatives rising to the fore are also underlined by price comparisons websites and consumer magazines only comparing banks on interest rates and terms. To date, mainstream organisations like Which? or MoneySavingExpert still do not offer any comparison based on sustainability or ethical criteria, undermining any true sense of consumer value. The value of an interest rate or cash bonus may mask that it is being paid by financing fossil fuel, arms, tobacco that undermine a fair and sustainable future for the consumer of that product.
So, in a world where many are still yet to make the connection of the role money plays in society and how it can be a hugely powerful force for good, the support of Triodos customers in demonstrating increasing demand and supporting us with recognition in mainstream awards is vital to helping us raise awareness. It makes other banks and commentators take notice and raises the bar across the banking sector.
From all of us at Triodos Bank UK, a big thank you to our customers – you are the great disruptors!
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I enjoyed reading it very much and hope to persuade my husband to make the switch.
Good to know this positive transition is growing. I appreciate the notion of disruption as a dynamic towards new creation. However, disruption is nuanced with negative undertones. More emphasis please on the groundswell, with hard data, for creating an e
Well, you did ask. I am unimpressed by your charges for a current account and your interest rate on savings is useless. You are after all a commercial bank. I’ll keep my current account -and my savings - in a mutual that actually pays me interest. I a
Hi John, have a read of this article for background: www.triodos.co.uk/articles/2020/the-myth-of-free-banking
I Think it was very good. We should do more . If I could get my wife to swop over to Triodos Bank I would. Give me time.
Can't understand how you win customer service awards. I've sent several e-messages and never received a response, last time I tried to contact you by phone, I gave up after 30 minutes of waiting
We’re sorry about this. We are working hard to deal with customers queries and have made some recent changes and improvements to reduce the wait times. We are experiencing a high level of demand for our products and services which is causing some delays.
I found this very heartening. It’s also inspired me to talk about Triodos more and to explain to friends and colleagues who,often express discontent with their current banking arrangements, about Triodos. Congratulations on the recognition and awards you
Proud to be part of Triodos
Interesting to read and I’m proud to have swapped over completely this year.
Great article. Good to read how we can create change as individuals - every penny we spend or save makes a difference! In times when things are hard and it can sometimes feel that change is not happening quick enough and that as individuals we cannot mak
Brilliant! I have just spent time this evening filling in the Switch form. A great sense of satisfaction at leaving my old big corporate bank which I wouldn't recommend to anybody. Their customer service and ethics were atrocious.
Marvellous.
It’s wonderful to see that human consciousness is changing. Banking with Triodos has been the best move I’ve made along with becoming vegan and changing my employment to the social sector. It can be daunting to look at the challenges faced. One thing that helps is small and sustained action like moving banks. Great article. Thanks Triodos
Great work! It would be good if you could offer a stocks and shares version of your junior ISA so I can invest for my child.
Thanks for letting us know this would be of interest to you. It’s not in the pipeline just now, but we’ll pass this on to the team.
Ethical disinvestment to support PALESTINE please.
Very reassuring.
Enjoyed this article very much. It persuaded me to switch my current account to Triodos after months of dithering. Liked the idea of being a disruptor !
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So glad to be with you, many thanks