Challenger bank Monzo has topped of a ranking that gauges whether customers would recommend their bank, with a satisfaction rating of 80%.
Monzo had previously shared first place with Starling Bank but now leads the way, with Starling in second and First Direct in third. Virgin Money and Royal Bank of Scotland came in joint last, with both recommended by just 48% of their customers. The Competition and Markets Authority’s (CMA) current account satisfaction rankings are based on a survey conducted every six months that also looks at the quality of online and mobile provision; branch and overdraft services; and the quality of the relationship management for small businesses.
Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.
The results show customers how their bank is ranked on quality of service and make it easier for people to compare offers. They also promote competition between providers, resulting in better experiences for all account holders. Customers who find another bank offering a better deal can use the Current Account Switch Service to help make the process of switching much simpler. This free service is available to anyone with a personal or business current account in the UK.
Adam Land, Senior Director of Remedies, Business and Financial Analysis at the CMA, said “How banks treat their customers can make an enormous difference to their daily lives, particularly when people and small businesses are feeling the pinch.”
“These results make it easy for people to see in branch, or at the click of a button, which banks are listening to their customers and meeting their needs. This puts pressure on poorly performing banks to raise their game. If the service and quality offered by your bank has been below par, then you may well be able to do better by making a switch.”