Monzo tops ‘most recommended’ brand list for Brits
Challenger bank Monzo is the brand most recommended by Brits, according to YouGov’s Brand Advocacy Rankings.
Money wiring service TransferWise was 2018’s most recommended brand
Finance and fintech brands dominated the annual list, with Transferwise, OnePlus and Money Saving Expert also featuring.
The rankings ask past and present customers of 1,500 organisations if they would recommend a company to family, friends and colleagues. Monzo – a new entry for 2019 – emerged as the clear winner with an advocacy score of 84.8 out of 100.
Money wiring service TransferWise was 2018’s most recommended brand. For 2019 it fell to second place, with its rating declining from from 82.8 to 76.8. However, its performance was still a strong one, with YouGov noting it highlighted customers’ aversion to the fees associated with sending money overseas. With a score of 74.8, smartphone brand OnePlus rounded out the top three.
Advice site MoneySavingExpert.com took fourth place this year, but its recommended score has been steadily increasing since 2016. Energy challenger brand Bulb was another newcomer with a rating of 74.4.
Beyond finance and fintech brands, Brits advocate for travel companies like Universal Studios Orlando and Secret Escapes and domestic appliances such as Shark and Miele.
YouGov also measures the brands that have garnered the most improved levels of recommendation over the past 12 months with Celebrity Cruises, Southern Trains, Vodafone and Seat appearing in the top 10.
Monzo – a new contender?
Monzo’s fresh entry on to the list shows how the bank, which is looking to upend traditional financial institutions is garnering clout among customers.
Whether this word of mouth marketing will translate into success for the business, which recently reported losses of £47.2m (up 54% year-on-year) remains to be seen.
The startup, which is currently valued at $2bn thanks to a fresh round of investor funding, has been significantly upping its marketing investment in the UK to attract new customers.
In May, it launched its first major TV ad and in the month that followed it counted 250,000 new sign ups – an increase from 150,00 on a couple of months before. d prompted brand awareness increased 13 points from 35% to 48%.
The mobile bank’s burgeoning user base hit the 3 million mark this year. Averaging 35,000 new customers per week.
As it ventures on the road to profitability, the business is looking to expand its clientele beyond the young millennials who are taking advantage of its £1000 overdraft limit by offering a premium service that provides improved features and travel insurance add-ons.