Monzo out­smarts ri­vals in Which? bank sur­vey

Birmingham Post - - BUSINESS - Vicky Shaw Spe­cial Cor­re­spon­dent

SMART­PHONE bank Monzo has topped a sur­vey from Which? into how sat­is­fied peo­ple are with their ac­counts, while TSB has plunged to the bot­tom of the rank­ings fol­low­ing its re­cent IT woes.

Which? sur­veyed more than 4,200 peo­ple to de­ter­mine over­all cus­tomer sat­is­fac­tion with their bank’s cur­rent ac­count and how likely they are to rec­om­mend that brand.

Monzo came first with an “im­pres­sive” cus­tomer score of 86 per cent, Which? said, fin­ish­ing just above tele­phone and on­line-only bank First Di­rect, which scored 85 per cent.

Na­tion­wide Build­ing So­ci­ety was third with a score of 79 per cent, and Metro Bank came fourth with 76 per cent.

Chal­lenger brand Monzo de­scribes it­self as “a bank that lives on your smart­phone”.

Other chal­lengers which scored rel­a­tively highly were Marks & Spencer and Tesco.

Which? said TSB was joint bot­tom in its sur­vey with Bank of Ire­land, both scor­ing 58 per cent.

TSB had pre­vi­ously been placed at num­ber four in Fe­bru­ary, the last time the Which? re­search was car­ried out.

The bank suf­fered a string of prob­lems ear­lier this year fol­low­ing an IT mi­gra­tion which left peo­ple locked out of their ac­counts. Which? said more than half (56 per cent) of TSB cus­tomers told it they had ex­pe­ri­enced tech­ni­cal is­sues in the past year and the bank had scored poorly in its re­search on cus­tomer ser­vice, tele­phone and on­line bank­ing and com­plaint han­dling.

A TSB spokes­woman said: “We’re sorry for the prob­lems cus­tomers ex­pe­ri­enced as a re­sult of our IT switch.

“Re­gret­tably this is why our scores are low in this poll. Our pri­or­ity is putting things right for our cus­tomers and we’ve made sig­nif­i­cant progress.”

Which? wants to en­cour­age bank cus­tomers who are un­happy with their cur­rent ser­vice to weigh up other op­tions on the mar­ket and make the switch to an­other provider.

Most banks have signed up to the cur­rent ac­count switch ser­vice, which means it should take just seven work­ing days to switch to a new ac­count.

Gareth Shaw, Which? money ex­pert, said: “Im­pres­sive re­sults from chal­lenger banks place them well ahead of many of the big­gest bank­ing brands in Bri­tain, show­ing that in­no­va­tion and modern ideas are shak­ing up the mar­ket, with good cus­tomer ser­vice truly val­ued by cus­tomers.

“Mean­while, TSB’s slump sug­gests that cus­tomers felt out­raged to have Bank­ing brands scored ac­cord­ing to the con­sumer sat­is­fac­tion sur­vey from 1) Monzo, 86 per cent 2) First Di­rect, 85 per cent 3) Na­tion­wide Build­ing So­ci­ety, 79 per cent 4) Metro Bank, 76 per cent 5) M&S Bank, 75 per cent 6) Tesco Bank, 74 per cent 7) San­tander, 72 per cent =8) Hal­i­fax, 71 per cent =8) Co-op, 71 per cent =8) Bar­clays Bank, 71 per cent =11) NatWest, 70 per cent =11) Lloyds, 70 per cent 13) Danske Bank, 69 per cent 14) Vir­gin Money, 68 per cent =15) Cly­des­dale Bank, 67 per cent =15) Bank of Scot­land, 67 per cent =15) Citibank, 67 per cent =15) York­shire Bank, 67 per cent =15) HSBC, 67 per cent 20) Ul­ster Bank, 63 per cent 21) RBS, 60 per cent =22) TSB, 58 per cent =22) Bank of Ire­land, 58 per cent en­dured the pro­longed IT is­sues that left mil­lions locked out of their ac­counts.

“Our re­search shows a clear gap be­tween the best and worst providers and should act as a cat­a­lyst for cus­tomers un­happy with their ser­vice to switch banks – as it’s never been eas­ier.”

> Monzo de­scribes it­self as a bank that lives on your smart­phone

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