Britain’s favorite banks revealed with Monzo main the pack
- Customers were asked how likely they were to recommend their bank
Digital banks are leading the way when it comes to customer satisfaction, official data shows.
Monzo, Starling and Chase are Britain’s favourite banks, the latest survey from the Competition and Markets Authority reveals.
Monzo, which recently hit 10million customers in the UK, was ranked number one by customers for overall satisfaction, followed closely by Starling and Chase.
Digital first: Monzo, Starling and Chase are leading the way for customer satisfaction with bank accounts
To get the results, 1,000 customers at each of the 17 largest current account providers in Britain, and around 500 customers of each of the 11 largest current account providers in Northern Ireland, were asked if they would recommend their provider to friends and family.
Customers were asked how likely they would be to recommend their bank account provider overall, the bank’s online and mobile banking services, services in branches and overdraft services to friends and family.
Four in five Monzo customers said they were ‘extremely likely’ or ‘very likely’ to recommend a Monzo current account to friends of family.
This figure was 79 per cent for Starling customers and 78 per cent for Chase customers.
On the other end of the scale, Co-op Bank, Virgin Money and RBS ranked the lowest for overall customer satisfaction and in each of the other four categories.
The survey showed 53 per cent of Co-op customers said they were ‘extremely likely’ or ‘very likely’ to recommend Co-op to a family member or friend.
This dropped to 49 per cent for Virgin Money customers and 46 per cent for RBS customers.
Nationwide Building Society, Lloyds Bank and Metro Bank ranked highest for best branch services, while Co-op Bank, Virgin Money and RBS again ranked worst for branch services.
The CMA requires banks and buildings societies to display the results of the survey prominently online and in-branch so that customers can see whether they can get a better experience at a different provider.
When it comes to business current accounts, Monzo and Starling again came first and second for customer satisfaction while Tide and Handelsbanken ranked joint third.
The worst ranked business current account providers were RBS, Co-op Bank, Barclays and HSBC.
Dan Turnbull, of the CMA, said: ‘It’s important that banks listen to their customers and then provide services in a way that works for them.
‘Strong competition is the most effective way to improve the customer service experience.’
If a customer is not happy with their current account or bank in general, it is easy to switch to a new current account provider through the Current Account Switch Service (CASS).
The CASS aims to switch over your current account within seven days.
Many banks offer new customers cash bonuses and other rewards like cashback for switching their current account in an attempt to reel in new deposits, with some paying up to £175.
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