BankRank explained

An insight into CompareBanks' unique bank ranking system

Updated: July 22, 2021
BankRank explained
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When you’re browsing our site you’ll likely see something called ‘BankRank’. This is the scoring system we use to help customers see which are the best banks to sign up with.

We wanted to explain a little more about BankRank®, and why it’s important.

What is BankRank?

BankRank is our trademarked method of scoring banks based on how customers view them. It’s more than simply an average score based on reviews on this site – we’ve created quite a complex algorithm that takes in a lot of different factors to give banks a ranking – sort of like how Google ranks websites, so that you always find the best ones.

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How is it calculated?

There’s a lot of things included in our BankRank scores. We do start with the average review score on our website – we know how important your views are and that your review scores are worthwhile representations of a bank.

We then add in our unique social sentiment scoring. This looks at how banks are talked about on social media. This means analysing thousands, if not millions, of reviews, tweets, Facebook comments etc. and seeing whether the banks are being spoken about in a positive or negative way.

We tally all of this up and create the BankRank score – so you can see what customers really feel about their bank, not only when they’ve taken the time to write a review but also when they’ve just made a comment on social media.

Why have we created BankRank?

Why have we created BankRank at all? Well, our mission at CompareBanks is to make it really simple for you to see which banks are the best at any one time. We want you to make sure your money is safe and secure and you’re getting a great deal, and a huge part of that is how the banks treat their customers.

As for why we’ve gone to the effort of creating our own custom BankRank algorithm? Well, we thought it was important to show as much information as possible and to take in real-time opinions of customers across social media.

Reviews are fantastic, but they rely on people taking the time to write out a detailed, honest assessment of the good and bad of a bank. Often they’re coloured by a particularly positive or negative experience.

For a true view of how a bank performs overall, you need to factor in the everyday – and that’s where social media comes into play. We’re all on social media all the time, and so mentions of banks are more real and reactive.

Combining reviews and social media mentions means we give you the full picture of everyday banking.

The future of BankRank

We aren’t just sitting still with BankRank. We’re going to keep refining it and updating it, making sure that you always see the best performing banks. Keep an eye for scores shifting as social media and reviews play their part and as we make adjustments, so that you always have no trouble choosing the absolute best bank for your money.

Ian Lewis
Ian Lewis
Ian is an experienced writer with 15 years’ experience working in journalism and marketing. He’s worked in-house in financial institutions as well as writing freelance pieces for a variety of banking and financial trading websites.

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Comments

Paddy Carroll
August 23, 2021

This is about as non transparent as it gets. Smoke and mirrors. Unimpressed

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CompareBanks
CompareBanks
August 23, 2021

Hi Paddy – thanks for your comment. We’d definitely be open to hearing about how we could potentially improve the article to help everyone understand the importance of BankRank and how it works. While we probably can’t get too technical, there are some gaps we can update here and we’ll be looking to do this over the coming weeks. Thanks, CB Team

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