Monzo rated best of UK banks as digital services thrive
Digital UK Banks Monzo and First Direct provide better service to customers than traditional banks, according to a recent survey.
A review conducted by Ipsos MORI of around 1,000 customers from each of the 19 biggest personal current account providers in the UK, ranks the best and worst #banks according to the quality of service, #overdrafts, branch locations, and #services.
Digital dominates, and traditional banking continues to fall behind, with this trend continuing in the foreseeable future.
Monzo and First Direct were top choices for overall service quality, with 85 and 83 percent of customers likely to recommend their services.
Both banks placed in the top three, with Starling (another digital bank) in between them in second place.
Metro Bank took a clean sweep of the overdraft and in-branch surveys, ranking first in both, with 82 percent of customers likely to recommend its branch facilities.
Tesco Bank and Royal Bank of Scotland were dragging at the bottom, with only 47 percent of customers willing to endorse services.
Best and worst UK banks for service
Survey results for Northern Ireland can also be found here.
League tables help drive competition
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.”
*I hope this helps you make an informed decision on your banking choices in the UK.
