Slight drop in customer satisfaction for banks and building societies

23rd Mar 2020

Customer satisfaction in the banks and building societies sector has fallen slightly, compared with the same time last year. The January 2020 UK Customer Satisfaction Index (UKCSI), published by The Institute of Customer Service, saw the sector ranked 79.5 out of 100, 0.9 points lower than a year ago.

It still rated 2.6 points higher than the UK all-sector average and scored above average in all five areas of customer satisfaction: experience, complaint handling, customer ethos, emotional connection and ethics. 

The sector saw the biggest improvements in complaint handling compared with any other. Satisfaction with handling of the complaint and speed of complaint resolution rose by 0.5 and 0.4 points (out of 10) respectively.

The UKCSI reveals that 10% of customers experienced a complaint, 0.3 percentage points fewer than this time last year, while the number of experiences rated as right first time increased by 2.1 percentage points to 85.7%. 

Average satisfaction for experiences through each of the main channels fell, however. For those using an app it was 82.6 out of 100 (1 point lower than in January 2019) – still 3.1 points higher than the sector’s overall UKCSI score.  

The report has also revealed the three leading areas that customers believe organisations in this sector could improve in: making it easier to find the right person to contact them; website navigation; and product/service range. 

The highest-rated organisation in this sector is first direct, with a score of 85.4 – the second-highest score in the overall UKCSI. Coming in second and third for the sector is Nationwide (85.0) and NatWest (81.1). 

NatWest is also one of the two most improved organisations compared with last year: NatWest and RBS have each improved by 2.2 points. Seven organisations have fallen by at least one point.

Virgin Money was the only organisation in the sector to have its first ranking in 2020, and was ranked fifth.

Of the 15 organisations ranked, 12.1 points separated the highest score from the lowest.

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