Monzo tops CMA banking satisfaction survey once again
The latest banking satisfaction survey results from the UK’s Competition and Markets Authority (CMA) reveal Monzo as the top business and consumer current account provider.
CMA releases banking satisfaction survey results
The independent survey was carried out by Ipsos (which covers personal current accounts) and BVA BDRC (which covers business current accounts), for the period of July 2022 to June 2023, at the behest of the CMA.
For overall service quality, Monzo takes the top spot among personal banking customers and business banking customers, scoring an 80% and 84% approval rate, respectively.
Starling ranks second in both cases, with 79% of personal current account customers recommending it, and 82% business current account customers recommending it to others.
The survey results reveal that the bottom-ranked personal current account providers for overall service quality were Virgin Money, Royal Bank of Scotland and TBS, while the lowest ranked business current account providers were HSBC, The Co-operative Bank and Virgin Money.
“How banks treat their customers can make an enormous difference to their daily lives, particularly when people and small businesses are feeling the pinch,” comments Adam Land, senior director of remedies, business and financial analysis at the CMA.
“These results make it easy for people to see in branch, or at the click of a button, which banks are listening to their customers and meeting their needs. This puts pressure on poorly performing banks to raise their game. If the service and quality offered by your bank has been below par, then you may well be able to do better by making a switch.”
For personal banking, Ipsos surveyed approximately 1,000 customers per provider across the year, with 16,046 people surveyed in total. For business banking, BVA BDRC surveyed approximately 1,200 customers per provider across the year, with 18,000 people surveyed in total.
Breaching the Retail Banking Order
In separate news, the CMA published letters to The Co-operative Bank and NatWest Bank for breaching the Retail Banking Order.
As per the order, banks are required to publish both in their branches and online the results of the SQI surveys, showing where the bank stands compared to competitors in terms of its service quality. However, the CMA says the two banks “failed to publish up to date information during specified periods”.
The Retail Banking Order is a set of reforms put in place by the CMA following its 2016 investigation of the retail banking market.
