CMA reveals results of latest banking satisfaction survey

The Competition and Markets Authority (CMA) has published the results of its latest banking satisfaction survey for both personal and business banking.

In Great Britain, digital and challenger banking brands topped the rankings for both personal and business current accounts. Overall, the top-ranked personal current account providers in Great Britain were Monzo, Starling Bank and newcomer to the survey, Chase. For business current account customers, online-only banks Monzo, Starling Bank and Tide topped the rankings, alongside relationship-focused bank, Handelsbanken, which ranked in joint third.

The survey, now in its 13th iteration since the CMA’s 2016 investigation into retail banking, shows how personal and business current account holders rated the quality of their experience.  Banks are required to provide contact details of their personal and business current account holders to two market research companies, so they can be surveyed.

The survey is designed to show how personal and business account holders rate the quality of services across the broad range of banking offers such as online and mobile banking, overdrafts and in-branch experience. For small business customers, the quality of their relationship with their account manager and quality of those services is also covered.

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.“