Starling Bank tops CMA’s 2021 business banking survey, while Monzo takes personal banking crown

Digital Banking

Starling came top in the business category and just a hair behind its rival Monzo on the personal banking side.

Starling Bank tops CMA’s 2021 business banking survey, while Monzo takes personal banking crown

Image source: Starling Bank.

Banking can be a minefield for consumers, but the Competitions and Market Authority (CMA) has today published its latest survey results for the best personal and business banking providers in the UK. 

Digital banks have performed equally as strongly in both the business and personal banking categories, with Starling topping the SME banking table and Monzo coming in first for overall best personal banking experience.

This year marked Starling Bank’s first time included on the business banking list, with the digital bank pulling in an overall rating of 89 per cent and coming in first place in three out of the four categories that it was included in (Starling was excluded from in-branch banking for obvious reasons).

Starling was included on the list for the first time this year after recently meeting the minimum requirement for business accounts last year.

The business banking survey was conducted by BVA BDRC on behalf of the CMA between June 2020 and July 2021 and asked SME banking customers how likely they were to recommend their bank based on a range of questions on overall service management, account management, online banking and overdraft and loan services.

“Starling has shot straight into the top of the charts for business banking on its first time of being included in these tables,” a spokesperson for the digital bank said.

“After just three years in business banking, we’re beating the incumbents and have a 6 per cent market share for UK SME banking. Customers love that it is so simple and quick it is to open an account and that there are no monthly fees.”

Of the banks included on the business table, Starling is the only digital bank, placing ahead of much larger incumbents such as Metro Bank, Santander and Barclays.

Over on the personal banking side, however, Starling was pipped to the post by its keenest rival Monzo. 

Monzo and Starling placed first and second, carrying an overall score of 83 and 81 per cent respectively, with Starling Bank coming in joint second place tied with First Direct.

The personal banking survey was conducted by Ipsos MORI between June 2020 and July 2021, asking approximately 1,000 customers from each bank how likely they were to recommend their banking provider.

For the category of online and mobile banking services, both Monzo and Starling were leagues ahead of their competitors raking in 88 and 87 per cent overall respectively, with the next best bank, First Direct, receiving 82 per cent. 

The CMA’s survey is not the first time both Starling and Monzo have topped banking tables.

Just a few weeks ago, the Current Account Switch Service (CASS) published data showing that Starling was among the most switched-to banks for the fourth quarter running.

Monzo also remained among the top most switched-to banks, falling slightly from the second-place finish it saw in the second quarter of 2020.

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