Neobanks top-ranked in CMA customer satisfaction survey

By Gaia Lamperti

Following its investigation into the retail banking sector, the CMA made it compulsory for all relevant banks to take part in these surveys so customers get the full picture. Account providers must display their ranking prominently both in branches and on their websites and apps.The survey was established as part of the Retail Banking Order – a set of reforms established by the CMA following its retail banking market investigation in 2016.

Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.

The results show customers how their bank is ranked on the overall quality of service and make it easier for people to compare offers. They also promote competition between providers, resulting in better experiences for all account holders.

Great Britain results

Overall, the top-ranked personal current account providers in Great Britain are:

• Starling Bank (1st)
• Monzo (1st)
• First Direct (3rd)

Overall, the bottom-ranked personal current account providers in Great Britain are:

• Royal Bank of Scotland (16th)
• Virgin Money (15th)
• TSB (14th)

Overall, the top-ranked business current account providers in Great Britain are:

• Starling Bank (1st)
• Monzo (2nd)
• Handelsbanken (3rd)

Overall, the bottom-ranked business current account providers in Great Britain are:

• The Co-operative Bank (15th)
• Virgin Money (13th)
• HSBC UK (13th)

Commenting on the survey’s results, Anne Boden, Founder and CEO of Starling Bank, said: “At Starling, we’re committed to helping our customers better manage their money and to provide them with customer support 24/7, now more than ever. We’ve shown that you don’t have to rip off customers to do this. You can be fair. It all starts with identifying customer needs and working back from there.”

Northern Ireland results

The top-ranked personal current account providers in Northern Ireland overall are Starling Bank, Monzo and Nationwide, while the bottom-ranked current account providers are AIB, Bank of Ireland UK and Ulster Bank.

Overall, the top-ranked business current account providers in Northern Ireland are Santander and Danske Bank, while the bottom-ranked business current account providers are Bank of Ireland UK and AIB.

Adam Land, Senior Director at the CMA, said: “As the rising cost of living bites, it’s important that people and businesses have the information they need to manage their money and make savings. These results show how banks are treating their customers at a time when many are feeling the pinch. When times are tough you find out who’s fighting your corner, and if your bank doesn’t match up to the competition – you can vote with your feet and make a switch.”

If you’ve found another bank that could give you a better deal, the Current Account Switch Service helps to make the process of switching much simpler. This free service is available to anyone with a personal or business current account in the UK.