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UK Challenger Banks Still on Top For Customer Satisfaction

Thom Carter

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uk challenger banks still on top when it comes to customer satisfaction
“Strong competition is the most effective way to improve the customer service experience, and this survey provides the transparency that people need to be able to choose a new provider if they feel their bank is not up to scratch,” said the CMA’s Dan Turnbull.

The results of the latest banking satisfaction survey, published by the UK’s Competition and Markets Authority (CMA), show that challenger banks like Monzo and Starling Bank are continuing to dominate in this area.

The survey, which is regularly undertaken and its results published by the CMA, shows how personal and business current account holders rate the quality of the banking services they’re being provided. This includes services such as online and mobile banking, overdrafts, and in-branch experience.

Following the latest results, it’s been revealed that the top-ranked personal current account provider in Great Britain is Monzo, followed by Starling Bank—with the challenger banks continuing their successful run here for another year. Chase is a new entrant, coming in at third.

On the other hand, the lowest-ranked personal current account providers in Great Britain are The Co-operative Bank in 15th place, Virgin Money in 16th place, and then Royal Bank of Scotland in 17th.

For the top business current account providers in Great Britain, Monzo and Starling Bank secured first and second place respectively—as was also the case here last year. Tide and Handelsbanken came in at joint third.

The lowest-ranked business current account providers, however, are Royal Bank of Scotland at 13th place, The Co-operative Bank and Barclays at joint 14th, and HSBC at 16th.

The results for customers in Northern Ireland differed slightly, however. The top-ranked personal account providers in Northern Ireland overall are Monzo, Starling Bank, and Nationwide respectively. The lowest-ranked current account providers are Ulster Bank, Bank of Ireland UK, and Allied Irish Banks.

Further, the top-ranked business current account provider in Northern Ireland is Santander, and the lowest-ranked is Bank of Ireland UK.

The CMA requires banks and building societies to display the survey results prominently online and in-branch so that customers can see whether they can get a better experience elsewhere.


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Speaking on this survey and its aim to help improve competitiveness and therefore the customer experience, Dan Turnbull, senior director of markets at the CMA, said: “It’s important that banks listen to their customers and then provide services in a way that works for them.

“Strong competition is the most effective way to improve the customer service experience, and this survey provides the transparency that people need to be able to choose a new provider if they feel their bank is not up to scratch.”

Thom Carter

Staff Writer, DIGIT

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