Monzo has been rated the best bank for individuals and businesses in the UK, with high percentages of customers likely to recommend their personal and business current accounts.
This is according to the results of the annual banking survey conducted by the Competition and Markets Authority (CMA).
Starling Bank closely followed Monzo in the rankings, excelling in both personal and business banking services. Chase, a newcomer in the UK banking scene, emerged as one of the top-rated banks for personal current accounts, with a significant customer recommendation rate.
The top-ranked personal current account providers in Great Britain are Monzo, Starling Bank, and Chase, while the lowest-ranked include The Co-operative Bank, Virgin Money, and Royal Bank of Scotland.
In Northern Ireland, Monzo, Starling Bank, and Nationwide are the top-ranked personal account providers, with Ulster Bank, Bank of Ireland UK, and Allied Irish Banks at the bottom.
The Competition and Markets Authority emphasizes the importance of banks listening to customers and providing quality services, with strong competition being key to improving customer experiences.
It’s clear from the survey that digital banks lead in quality customer service, prompting traditional high street banks to enhance their services to meet customer expectations.
The question is, have traditional banks got what it takes to compete with the challengers on customer service?
