New service opportunities for banks and building societies

5th Aug 2016

Banks and building societies make up the only sector that has not improved in the eyes of the customer since July 2015, the latest UK Customer Satisfaction Index (UKCSI) from the Institute of Customer Service shows.

The report, which measures customer satisfaction across 13 sectors of the economy, reveals that the sector’s score of 78.6 out of 100 remains at the level it was when the Institute published its biannual findings last year.

However, there are signs that banks and building societies are taking customer feedback on board. The sector’s overall satisfaction rating sits above the UK average, as does its ranking for communications over the phone. The Co-operative Bank, which has a UKCSI score of 81.3, has seen the biggest overall improvement compared to July 2015, by 3.7 points.

As when the Institute published the Index a year ago, complaint handling remains a key area for improvement. The sector’s complaint-handling ability scored better than the UK average, but dropped compared to July 2015. 

The increase in complaints citing staff attitude, quality and reliability of service, and late delivery or slow service should all be areas of focus, particularly given the report’s wider findings. The Index shows that complaint handling is among customers’ most important priorities and a key differentiator between the highest performing organisations and the rest. 

The report also suggests that banks and building societies should focus on being easier to deal with across all channels and customer touch points. Written and email communications are therefore another key opportunity for improvement.

Download our executive summary or click here to see our snapshot view of customer satisfaction in the banking sector.

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