Digital fintechs Monzo and First Direct provide better service to customers than traditional banks, according to a recent survey.
Ipsos MORI conducted a review of around 1,000 customers from each of the 19 biggest personal current account providers in the UK to rank the best and worst banks.
The findings are designed to compare the quality of service between the UK’s leading providers, as well gathering customer opinions on overdrafts and branches.
Digital dominates as Tesco languishes
Monzo and First Direct led the way for overall service quality, with 85 and 83 per cent of customers likely to recommend their services respectively.
Both banks placed in the top three for online and mobile facilities, sandwiching digital counterpart Starling in between them in second.
Metro Bank took a clean sweep of the overdraft and in-branch surveys, ranking first in both, with 82 per cent of customers likely to recommend its branch facilities.
Meanwhile, Tesco Bank slumped to the bottom of the league table, with only 47 per cent of customers willing to endorse its services.
Royal Bank of Scotland joined Tesco at the foot of the standings, matching its score.
Best and worst UK banks for service
|9||Bank of Scotland||61%|
|12=||The Co-operative Bank||57%|
|16=||Royal Bank of Scotland||47%|
League tables drive competition
Adam Land, senior director at the CMA, said: “These league tables are an invaluable resource for customers to find the best service on offer to suit their needs.
“By being able to access data on the best and worst performing banks and building societies, people can easily compare providers, driving more competition to improve the overall quality of service.”