Banking sector scores record high in customer satisfaction

13th Jul 2018

The banking sector has recorded its highest result ever in the latest UK Customer Satisfaction Index (UKSCI).

Banks and building societies have scored 2.5 points higher than the UK all-sector average of 77.9, finishing 1.1 points above the insurance sector.

The sector’s average score improved by 0.7, the largest in any sector, whereas the all-sector average has decreased by 0.3. This was reflected in the overall rankings with Yorkshire Bank, First Direct, Nationwide and M&S Bank all boasted top ten places in.

Yorkshire Bank took joint third position with Next, behind Amazon and John Lewis in first and second spot. This makes it the sector’s most improved organisation, with a score of 86.1 (out of 100).

The impressive showings from the sector comes almost a decade on from when the Government was forced to bail out several high street banks. The UKCSI showed report showed that banks with the highest levels of customer satisfaction have more success in gaining or retaining current account business.

Jo Causon, CEO of The Institute of Customer Service, commented on the report: “In these uncertain economic times, the strong showings from the banking sector in the UKCSI demonstrates how important it is that organisations keep calm and keep the basics of good customer experience at the forefront of their strategies and operations, with current account data showing consumers are more likely to bank with the banks with the highest customer satisfaction scores.”

Of ten banks that scored below the sector average, RBS received the lowest at 76.4. In the index, 25.4% of customers agreed that making it easier to contact the right person to help is the top priority organisations should fix.

Causon added, “banks will need to focus on providing consistent levels of service across the full range of channels used by customers.”      

Share this