Monzo customer service knocks first direct off top spot
Monzo customer service has won the latest banking customer service poll. This is an enormous achievement for a company that is a relative newcomer in one of the oldest industries around. Monzo is certainly shaking things up in the financial sector and we like to see this. In this update, we analyse how this innovative neo bank is taking the UK by storm. We hope you like surprises because there are plenty to come.
What did Monzo customer service win?
Monzo has won the Money Saving Expert (MSE) banking customer service poll again. MSE is the consumer finance information website and its most recent survey attracted more than 5,000 respondents.
This is the second time that Monzo has won this accolade, which historically has seen First Direct in the top spot. First Direct still came second this time around, proving that both of these companies are doing something right.
Let’s take a look at the top five ranking banks and their scores:
| Rank | Provider | 'Great' | 'OK' | 'Poor' |
|---|---|---|---|---|
| 1. | Monzo | 94% | 4% | 2% |
| 2. | first direct | 89% | 7% | 4% |
| 3. | Starling | 86% | 5% | 9% |
| 4. | Nationwide | 74% | 20% | 6% |
| 5. | Co-op Bank / Smile | 68% | 22% | 10% |
Source: Money Saving Expert banking customer service poll February 2020.
As you can see, Monzo received a whopping 94% of responses from customers who report it as ‘great’. First direct isn’t far behind with 89% but Co-op Bank/Smile - in 5th place - received only 68%. This is a big difference when comparing just the top five positions. This steep slope continues until you get to the lowest ranking bank, RBS, with 35% of respondents rating its customer service as ‘great’.
In this increasingly fast-paced market with more competitors than ever, how can a provider stand out so brightly? We’re going to share what we think are Monzo’s secret weapons in this regard, by keeping customers happy and not just satisfied.
What makes Monzo customer service so special?
We think one of the top reasons customers like Monzo customer service is how easy it is to get in contact. It might sound obvious but it is a feature that most companies lack.
It seems that many companies have a flashy website but if you ever want to contact them you go around in circles. First, you hit the email or phone icon and it takes you to FAQs. Frustratingly you try and find your way to a phone number or email address from there and often the best you can find is an online form. Next, you diligently fill this in and wait...only to never receive a response. Sound familiar?
If customers need to contact Monzo customer service, they just open the app and chat directly to the team. What’s more, customers then receive a transcript of their conversation, which is virtually unheard of and a nice touch.
Happy employees make happy customers
If a company treats its employees well they are more likely to be strong advocates for that company in return. Furthermore, if they’re happy then this is going to rub off on the service they provide customers.
Monzo receives good reviews on Glassdoor, the employee review site. Current and former employees have left reviews about working for Monzo and:
- 70% would recommend the company to a friend.
- 90% approve of the CEO.
Happy customers bring more customers
Monzo is famous for including its customers on its journey. It does this in two unique ways:
- Monzo Labs - Monzo set these up in 2019 so that existing customers can test out new Monzo features before they are released. Customers are able to feedback their opinion and any ideas on ways to improve them. With more than 40,000 customers involved in this dedicated forum, this is an excellent sample of Monzo’s customer base. This has probably been a big factor in why new features are embraced so well.
- Product roadmap - In a similar vein, Monzo shares its product roadmap online. This way customers can see what new features are in the pipeline and they can vote on which ones they want available first. By putting customers at the heart of the business it keeps them engaged and happy. Customers are choosing what’s most important to them and won’t need to go elsewhere to find it.
The goal is broadly to get to a stage where customers are referring their friends because they love the product and feel like they’re part of the mission – you need to take customers away from being ‘standard customers’ to being advocates feeling like they’re part of it. - Tristan Thomas, Monzo Head of Marketing and Community
If Monzo keeps up this attitude and direction it will most likely retain its customers too, plus any friends they convert into customers as well. With this sector becoming ever more crowded with competitors it will be essential to provide excellent customer service in order to compete in the coming years.
If the Monzo customer service trajectory continues as it is, you may well be reading about another victory in our next survey update. In the meantime, why not read our comparison guide on Monzo versus another popular digital bank, Revolut. It goes into the nitty-gritty detail about the pros and cons of these challenger banks.