Monzo Named Best Bank in UK Survey

The Competition and Markets Authority (CMA) has released the results of its latest survey, revealing that digital banks are outperforming traditional lenders in customer satisfaction across Britain. Monzo emerged as the top provider, with 80% of active customers willing to recommend its personal current account and 85% endorsing its business account. Starling Bank closely followed, securing high ratings and sharing first place for its overdraft services for personal customers. Chase made its debut in the survey and quickly established itself as a strong contender, ranking third for overall service quality. With 78% of customers expressing their willingness to recommend Chase, the bank has positioned itself among the highest-rated institutions in the country. The survey, which included feedback from over 36,000 personal and banking customers, underscores the importance of customer input in shaping banking services. In contrast, traditional banks struggled in the rankings, with RBS, owned by NatWest Group, landing at the bottom for personal current account service quality. Virgin Money and the Co-op Bank followed closely behind, with only about half of their customers willing to recommend their services. Both banks acknowledged the need for improvement, with representatives highlighting recent score increases and a commitment to enhancing service levels. CMA's senior director, Dan Turnball, emphasized the necessity for banks to heed customer feedback and adapt their services accordingly, reinforcing the growing trend of digital banking's appeal in the competitive financial landscape.