Monzo Takes the Lead
Monzo has once again topped the list of the best banks in the UK. According to the latest satisfaction survey by the Competition and Markets Authority (CMA), Monzo achieved the highest rankings in both personal and business current account providers in Great Britain.
The Bottom Ranks
On the other end of the spectrum, TSB, Virgin Money, and Royal Bank of Scotland found themselves at the bottom of the list. These banks failed to impress customers with their services and fell short in meeting their needs.
Monzo’s overall service quality score slightly dropped by 1 percent compared to last year’s joint first position with Starling Bank. However, it still managed to outshine its rival this year. Monzo, Starling, and First Direct secured the top three spots in most categories, including overall service, online and mobile services, and overdraft services.
Customer Satisfaction Matters
The satisfaction survey conducted by CMA serves as a reflection of how banks treat their customers. Adam Land, the senior director of remedies, business, and financial analysis at CMA, emphasized the importance of customer satisfaction. He believes that banks should strive to improve their services and meet the needs of their customers.
In terms of business banking, Monzo, Starling, and Handelsbanken emerged as the top three performers, while HSBC, The Co-operative Bank, and Virgin Money found themselves at the bottom of the rankings.
The survey is a part of the Retail Banking Order introduced as a result of the CMA’s retail banking market investigation in 2016. It aims to provide transparency to customers regarding the quality of services offered by different banks.