In the Which? best bank 2018 a very unusual guest makes an appearance. Monzo, for the first time having a customer size large enough to sample, has not only done well in the rankings. But it has been named the Best Bank of 2018. This makes for a massive win for the internet generation against the old guard of banks.
TSB ranked bottom as the country’s worst bank in the country according to the survey carried out by Which.
Monzo’s scores are something your average bank could only dream of. After reaching a large enough sample size for the first time since it launched in 2016, the online-only bank scored full marks for both communication and its app!
With a total customer satisfaction score of 86 percent, it narrowly beat telephone and online-only First Direct, which scored 85 percent.
Nick Harris said: “It’s clear to me that Monzo will very quickly take over the old guard if they do not do something pronto”.
What does this mean for the UK’s banking arena? It certainly seems as though the old guard needs to play catch up to Monzo’s simple yet high-tech approach to banking.