Monzo named best bank in Great Britain for customer satisfaction
A recent industry-wide survey has named Monzo as the best bank in Great Britain for customer satisfaction. The poll, which surveyed over 17,000 personal current account customers, also placed Starling Bank in second place and JP Morgan’s Chase in third place. This is an impressive feat for Chase, which has only been operating in the UK for three years.
Organized by the Competition and Markets Authority (CMA), the survey is now in its seventh year and asked customers to rate the quality of services provided by their bank. This included online banking, overdraft arrangements, and their experience in-branch. The results showed that customers were most satisfied with Monzo, Starling, and Chase, while the lowest-ranked bank was Royal Bank of Scotland, owned by NatWest Group. Virgin Money and Co-operative Bank also scored poorly in the survey, ranking 16th and 15th respectively.
The CMA found that digital banks without a physical branch network, such as Monzo, Starling, and Chase, outperformed traditional lenders in terms of customer recommendations to friends and family. In a separate survey of over 19,000 business current account customers, Monzo also came out on top, with HSBC ranking last.
As part of the CMA’s efforts to promote transparency and customer choice, larger banks are required to participate in the survey every six months and display the results prominently online and in-branch. While the CMA did not comment on why some banks performed better than others, Senior Director of Markets Dan Turnbull emphasized the importance of listening to customers and providing services that meet their needs.
Turnbull stated, “Strong competition is the most effective way to improve the customer service experience, and this survey provides the transparency that people need to be able to choose a new provider if they feel their bank is not up to scratch.”
Monzo, which boasts over 10 million personal customers, humbly acknowledged its top position in the survey, stating that it would never take it for granted. A spokesperson for Co-op Bank expressed satisfaction with the improvements in their scores and a commitment to continually enhancing their service levels. Similarly, a spokesperson for Virgin Money, which recently agreed to a takeover by Nationwide, noted improvements in both business and personal current account scores since the previous survey. The bank remains focused on driving further improvements to provide the best service for its customers.
