Just seen on a post on Monzos Facebook page that they’re promoting how well they’ve done in each of the categories.
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1000 customers of each of the 17 largest personal current account providers if they would recommend their provider to friends and family. The results represent the view of customers who took part in the survey.
Excellent result for monzo and I think well deserved. The app works brilliantly. I have quite a few criticisms of monzo but the smoothness of the app plus bill splits and shared tabs keeps me with monzo.
I would say, however, that Monzo’s lead is far from insurmountable and the issues we keep seeing with customer service, specialists, difficulty making large payments, problems paying in cash/cheques, etc need addressing sooner rather than later.
How I would rank the banks I’ve had interactions with:
Nationwide
Santander
Starling Bank
NatWest
Tesco Bank
Barclays
Virgin Money
Monzo
Lloyds
These sorts of things are subjective. Parts of what Monzo has done have annoyed me but won’t bother other users. People have different requirements from their bank which is why for me, Santander ranks highly yet is in the bottom half for this survey.
Also noteworthy is that this time, for the first time, Monzo feature in the Nothern Ireland rankings too due to achieving the required threshold level of customer numbers.
They have gone straight in at the number 1 spot there.
I do wonder what the “unsatisfied” are unsatisfied about, exactly. Is it customer service, is it features not working how they would like, is it charges that they think are too high?
I also think a lot of these factors will be different for different banks. Some may be unsatisfied at Virgin Money because they are annoyed about the rebrand (and some branch closures/amalgamations as a result). Conversely, others may think their bank isn’t improving their app fast enough.
It would be really good if the survey asked people more follow-up questions, but I doubt it will ever change to be more detailed.
The same has always happened with Lloyds, Halifax and Bank of Scotland; Clydesdale and Yorkshire before they merged into Virgin Money; RBS and NatWest.
It’s one reason I don’t set much store by the rankings, frankly, as it reveals how much people’s ratings seem to be swayed by overall brand perception and not their genuine personal experience of the bank.