The latest banking customer satisfaction results were published this month, providing the service quality league table of personal and business current account providers put in place by the Competition and Markets Authority. The survey is designed to show how the quality of services compares across different with banks and building societies to display the survey results prominently online and in-branch.
Adam Land, Senior Director at the CMA, said “These league tables are an invaluable resource for customers to find the best service on offer to suit their needs. By being able to access data on the best and worst performing banks and building societies, people can easily compare providers, driving more competition to improve the overall quality of service.”
Customers with personal accounts were asked how likely they would be to recommend their providers services to friends and family, with the results showing the proportion of customers (of those who took the survey) who said they were ‘Extremely likely” or “very likely” to recommend each service. The report is divided into 4 main categories: overall service quality, online and mobile banking services, overdraft services and services in branches.
Approximately 1000 customers a year are surveyed across Great Britain for each provider, with this year’s sample size being 19,141 people.
It’s clear from this report that digital banks are well received by the public, with Monzo and Starling Bank battling it out in the top four in all categories apart from services in branches (as they do not operate a branch network and so do not qualify.) This is the first time Monzo has been featured on this report, and comes out on as the top-rated bank; ranking first both overall service Quality and Online and mobile banking services, with 86% and 89% recommendation rate respectively.
Saka Nuru, Head of Product Marketing for Fintech Ecosystems and Payments at Intuit QuickBooks, said “These latest independent results offer interesting insight into consumer attitudes towards banking providers, and, one thing is clear, people are moving away from traditional banks, and towards fintech enabled banking alternatives, such as Monzo and Starling. It seems that every year, traditional banking is losing ground, giving way to new financial technologies which have more successfully adapted to the demands of the 21st-centuryStarling consumer.
“This process has only been accelerated by the Coronavirus crisis: as banking branches close and social distancing is encouraged, online services are a more essential aspect to the consumer banking experience than ever before. In order to ‘catch up’, traditional banks will need to overhaul online services, improve their digital interface, and enlist the help of independent and third-party financial technology providers.”
The highest-ranking high street bank in all categories is Metro bank, taking first place for services in branches at 84% and being third in recommendations for both online and mobile banking and overdraft services. For overall service quality, Metro bank comes in fourth, beating out nationwide, Barclays and Halifax.