- Monzo is tied for the second highest customer score among UK banks.
- The strong consumer rating follows the $475 million funding round it closed in December 2021.
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The news: Monzo is tied for the second highest customer score among UK banks in the new report “Best and Worst Banks” from the client-focused publication Which?
More on this: Monzo got 83%, as did Triodos Bank, while Starling got the top spot with 85%. The list of 20 banks for the report – banks with at least 50 survey respondents – includes both challengers and street incumbents.
- The three banking players received five out of five stars in the customer service, communication and fee transparency categories.
- Monzo and Starling each received five out of five stars in the mobile banking category.
Room to improve: Monzo’s product score, comprised of fee and reward analysis, was in the middle at 64%.
- First Direct leads the banks in this category, at 93%; while Barclays was second (81%) and Lloyds Bank was third (80%).
But Monzo failed to become What? Recommended Provider (WRP), which caters to banks that are strong in both customer and product categories.
- Starling, First Direct and Nationwide are the three banks that have succeeded.
- The publication said the designation was not extended to Monzo as he did not sign for a code for authorized push payment scams.
The big takeaway: Monzo’s good consumer rating follows the $475 million funding round which it closed in December 2021 with a valuation of $4.5 billion. the
capital structure. This would contrast with the uncertainty he expressed in its last annual report on whether it could remain a going concern.has the opportunity to use both to start a virtuous circle for its
The client-side findings in its home market mark a show of trust in Monzo from its users and a leading consumer-focused publication.
- The neobank could promote its ranking to customers and investors.
- Monzo could capitalize on its favorable ranking by increasing its engagement with satisfied customers. It could also bolster its favorable publicity by working to improve its Which? product side ranking and sign up for push-payment authorized scam management code.
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