Challenger banks continue to lead the way in the latest set of banking satisfaction results published by the Competition and Markets Authority, with digital lender Monzo topping the poll for personal and business accounts.
The survey is the 14th annual review of customer service across the banking market, scoring lenders on a range of banking services – such as online and mobile banking, overdrafts, and in-store experience.
For small business customers, it also considers the role and service provided by their account manager.
The competitions body points out that “traditional banks generally scored lower than their digital rivals”.
A new bank enters the survey this year, Mettle, a digital business current account launched in 2018 by NatWest, for sole traders and companies of up to two owners.
The tables below show the top three and bottom three lenders, ranked by overall service.
UK: Personal current account providers — out of 17 lenders
|
1st |
Monzo |
|
2nd (joint) |
Chase |
|
2nd (joint) |
Starling Bank |
|
15th |
The Co-operative Bank |
|
16th |
Virgin Money |
|
17th |
Royal Bank of Scotland |
UK: Business current account providers — out of 17 lenders
|
1st |
Monzo |
|
2nd |
Mettle |
|
3rd |
Starling Bank |
|
14th (joint) |
Barclays |
|
14th (joint) |
HSBC UK |
|
14th (joint) |
Bank of Scotland |
|
17th |
The Co-operative Bank |
Competition and Markets Authority senior director of markets Daniel Turnbull says: “This data puts power into customers’ hands.
“Whether it’s for a personal or business account, people can see how their bank fares against others – and stay or switch, according to their needs.
“It also puts pressure on banks to listen to feedback and think about whether the services they provide are really working for customers.”
The body requires banks and building societies to display the survey results prominently both online and in-branch, “so their customers can see how their bank is faring – and consider whether they could get a better experience elsewhere”.
The CMA review is conducted by data groups Ipsos and BVA-BDRC.
