Monzo are top again.
Thanks great to be here.
Ultimately , it doesn’t mean much, as it’s only a sample of customers from each provider. I doubt anyone would make a decision on who they bank with based on something like this.
Judging by previous iterations, these results simply stir up a pretty partisan discussion interspersed with “you’re crap & we’re great”….,
I don’t understand why it’s a regulatory requirement for them to do this. Just choosing a different sample for all of them could lead to radically different results. I’d never base my opinion on something like this. I think it’s only you as an individual that can determine whether you are impressed with a banking service or not.
Comparing these results with Trustpilot ratings - sometimes they’re consistent, sometimes not - I think it’s interesting when they’re not, because there must be a reason for the disparity.
If you start to see the same/similar results in each interation of the survey this concern should start to go away (different iterations will use different samples).
Also, whilst the ipsos mori survey is simplistic (does not capture reasons why respondents would/would not recommend their bank) one thing it has going for it is it’s based on random sampling, which most other rankings are not.
But in reality very few people are going to try every bank before settling on which is best for them, so people will be influenced by rankings and reviews.
Another sign these results are reasonably reliable is the tight spread between banks - just a percentage point between the top contenders. If it were wildly inaccurate, you’d expect the top spots to vary up and down over a wider range, perhaps
But yeah, I don’t imagine this is where customers start when choosing an account
It doesn’t really matter what sample is used, because all banks are included and the methodology is the same across the sector.
Banks are also obliged to display these results in the windows of the branches and on the websites, so I’d say anyone looking to open an account on the high street would reasonably judge what kind of service other customers have experienced without the hassle of actually opening an account at every bank.
Yes, obviously ideally they would ask people who have tried every bank and get them to rank them, but there aren’t enough people who have done that to do a proper survey.
It’s inherently subjective but probably does give a good general guide to which banks are good and which aren’t.
I wouldn’t set much store by the exact ranking, though, when the percentages vary very little between providers.
Looking at the league table - Monzo first and First Direct second……
You couldn’t find two banks more disparate if you tried. These truly are apples and oranges.
I’ve no truck with Monzo - they’re deified by their core customer base which looks forward to the survey every year, I’m assure.
First Direct have long been lauded for customer service - not so much as a feature-rich back account experience.
Fun to talk about and second guess…… but an accurate means to decide on your next account? Don’t think so….
Absolutely, although it’s at least interesting that none of the traditional high street names seem to ever make it into the top spots.
Each survey alone, as discussed, is subject to various shortcomings so has to be taken with a pinch of salt. Where they are probably more valuable is in showing trends over time. If a bank always scores near/at the bottom, then it probably is not very good. No reason to ditch them if they’re your current provider and you’ve had no issues, but probably not the place to start if you are currently shopping around anyway.
The survey is not useless, but also not a big deal. One would hope that should be fairly obvious to even a moderately-engaged customer, but perhaps it isn’t obvious enough to some.