Monzo and Starling Bank win big at the British Bank Awards

via AltFi

Last night’s glitzy ceremony was attended by the power players of the British Banking community and the main prize, Best British Bank remains the most hotly contested award of the night. 

Starling Bank has defended the coveted title of Best British Bank for the third year in a row, with a customer satisfaction rate of 98.6 per cent. Starling also won the award for Best Current Account Provider and Best Business Banking Provider.

Anne Boden, founder and CEO of Starling Bank said, “Our continued focus on the customer is what drives us and we’re proud to continue to be the Best British Bank, providing current and business accounts and great offerings such as our marketplace, competitive foreign currency rates and forward-thinking mobile banking.”

New entry Triodos Bank came in second with a 98.4 per cent satisfaction rate, while one ofStarling’s main rivals Monzo edged down to third place, with 98.2 per cent customer satisfaction.

Tom Blomfield’s digital bank won the award for Best Banking App for a second year running. Other digital banking giant, Revolut, also only took home one award, the prize for Innovation of the Year.

For a second year running, traditional banks took home next to no accolades, NatWest was the only mainstream bank to scoop an award for Best Mortgage Provider.

High street banks also slipped further down the ranks with none of them even making it into the top five. Of the established banks, Halifax ranked the highest in sixth place and TSB followed in seventh. The two banks were the only traditional banks to climb up the table, moving up by two and six places respectively. 

Barclays, Natwest, Santander, Lloyds Bank Virgin Money and HSBC occupied the latter half of the rankings, with only Tesco Bank ranking lower than them coming in last and 14th place. 

According to Smart Money People 46 per cent of consumers now prefer app-based banking, up from 39 per cent in 2019, and app and online banking is now preferred by a massive 79 per cent of the population, so it’s no wonder that the digital banks dominated the award ceremony last night.

This year the British Bank Awards 2020 ramped up their survey, over 40,000 consumers and businesses participated in the voting this year compared to 27,000 participating last year.

The winners of all 27 categories:

Best British Bank: Starling Bank
Innovation of the Year: Revolut
Treating Customers Fairly Champion: Darlington Building Society
Customer Service Champion: Triodos Bank
Best Newcomer: Countingup
Best Alternative Finance Provider: CapitalRise
Best Banking App: Monzo
Best Current Account Provider: Starling Bank
Best Business Finance Provider: Fleximize
Best Business Banking Provider: Starling Bank
Best Personal Finance App: Money Dashboard
Best FX Provider: WeSwap
Best Specialist Mortgage Provider: Monmouthshire Building Society
Best Mortgage Provider: NatWest
Best Specialist Mortgage Broker: International Private Finance
Best Mortgage Broker: Habito
Best Investments Provider: Wealthify
Best Savings Provider: Vernon Building Society
Consultancy of the Year: 11:FS
RegTech Partner of the Year: DueDil
Technology Partner of the Year: DPR
Marketing Partner of the Year: mark-making*
The Pioneer Award: ClearBank
Best Payment Service Provider: SumUp
Best Credit Card Provider: Virgin Money
Best Online Trading Platform: Freetrade
Best Personal Loan Provider: Zopa