The Institute reacts to the Competition & Marketing Authority's customer satisfaction league tables

16th Aug 2018

Jo Causon, Chief Executive of The Institute of Customer Service, commented:

“The announcement to have standardised information to help customers compare services will allow people to move more freely and force lenders to be more competitive.

"As it becomes easier for customers to switch between providers, customer satisfaction will become increasingly important. Satisfaction in the banking sector is at its highest ever and our research shows that consumers are more likely to bank with those banks with the highest customer satisfaction scores. Customers expect a high quality of information and advice, to deal with competent and engaged people and to be offered fair and competitive rates. They also need to be able to interact through the channel of choice and enjoy a consistent experience, whichever mix of channels they use. Where satisfaction is maintained organisations will see a direct link to turnover growth, profitability and productivity. 

"The announcement to have standardised information to help customers compare services will I am sure increase the direct impact of customer service on business performance.”


ENDS

Notes to editors 

For further information please contact: 

Rebecca Peck or Sophie Lanning 

E: [email protected]

T: 020 7010 0877 (Rebecca), 0207 010 826 (Sophie) 

About The Institute of Customer Service  

The Institute of Customer Service is the professional body for customer service delivering tangible benefit to organisations and individuals so that our customers can improve their customers’ experience and their own business performance. The Institute is a membership body with a community of over 500 organisational members - from the private, public and third sectors – and over 3,000 individual memberships. For more information about The Institute of Customer Service go to www.instituteofcustomerservice.com     

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