Monzo leads in UK banking satisfaction survey results conducted by CMA for both personal and business current accounts.
Facts
- Monzo achieves the top position with an 80% approval rate for personal banking and 84% for business banking.
- Starling ranks second with 79% and 82% recommendation rates for personal and business accounts respectively.
- Lowest ranked personal account providers: Virgin Money, Royal Bank of Scotland, and TBS.
- Lowest ranked business account providers: HSBC, The Co-operative Bank, and Virgin Money.
- Adam Land from CMA emphasizes the impact of customer treatment on people’s lives and urges switching for better service.
- Ipsos surveyed 16,046 customers for personal banking, and BVA BDRC surveyed 18,000 customers for business banking.
- CMA issues letters to The Co-operative Bank and NatWest Bank for breaching the Retail Banking Order.
- Banks are required to publish up-to-date service quality survey results; Co-operative Bank and NatWest failed to comply.
- Retail Banking Order stems from CMA’s 2016 retail banking market investigation.
