(qlmbusinessnews.com Tue, 15th Aug, 2023) London, UK —
Challenger bank Monzo has taken the top position in an official ranking that gauges whether customers would recommend their bank to their family and friends.
Although its satisfaction rating has dipped by one percentage point compared to six months ago, Monzo's score of 80% in the UK surpasses that of all its competitors.
Monzo now stands alone in the top spot, having previously shared first place with Starling Bank. This determination was based on a survey of 16,000 individuals.
Starling Bank secures the second spot, with First Direct following in third.
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Lyndsey Edgar, Vice President of Operations at Monzo, which boasts a customer base of eight million, commented: “These results underscore the exceptional efforts of our dedicated team at Monzo, who ensure that customers remain at the core of our operations.”
Tied at the bottom of the rankings were Virgin Money and Royal Bank of Scotland (RBS), both of which were recommended by 48% of surveyed customers.
A spokesperson for Virgin Money stated their commitment to providing “top-notch products,” while RBS acknowledged the need for improvement in certain aspects of customer service.
The top two rankings are mirrored in the business accounts sector in the UK, with Handelsbanken securing third place, and HSBC concluding the list.
Six years ago, the Competition and Markets Authority (CMA) introduced current account satisfaction league tables as a means to encourage switching and enhance customer service. Banks are required to display these results in their branches (where applicable) and on their websites.
The biannual survey evaluates various aspects, including the quality of online and mobile services, branch and overdraft offerings, and, for small businesses, the caliber of relationship management provided.
Adam Land, representative of the CMA, emphasized, “The way banks treat their customers can have a significant impact on their day-to-day lives, especially when individuals and small businesses are navigating financial challenges.”
One set of research covers the entirety of Britain, while a separate table is dedicated to Northern Ireland.
In Northern Ireland, Monzo and Starling jointly secure the top position for personal accounts, with Barclays claiming third place and Allied Irish Banks (AIB) ranking last. Among business customers in Northern Ireland, Santander, Danske Bank, and Ulster Bank occupy the top three spots, while AIB is situated at the bottom.
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The survey involves soliciting recommendations from 1,000 customers of each of the 16 largest personal current account providers in Britain, and approximately 500 customers of each of the 11 largest personal current account providers in Northern Ireland, contributing to the overall assessment score.
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