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Customers Name the UK's Best and Worst Financial Services Providers
TTi Global's latest customer satisfaction survey uncovers the companies at the top and bottom of the list, as well as the interactions which delighted, or infuriated, customers the most.
In terms of overall customer satisfaction, the Financial Services sector in the UK is performing pretty well, in comparison to other sectors. Our latest customer satisfaction benchmarking data, collected between June 2017 and January 2018, show that Financial Services received a higher overall satisfaction score of 77/100. This trumps both the UK's Distribution (46) and Telecommunications sectors (58).
However, while the data generally paints a positive picture, there lies a significant discrepancy between individual Financial Services Providers, and the customer service interactions they provide.
Delight Vs Disappointment – Customer Interactions, Explained
Financial Services interactions which achieved the highest scores for customer satisfaction included Renewing Cover (92), Credit Card Services (91), and Resolving a Claim (88). Those receiving the lowest satisfaction scores were Switching Bank Account (68) and Reporting a Problem (66)
To switch a bank account, customers need to put in a considerably higher amount of effort in order to make their desired changes – with tasks including re-directing income (salary or benefits) and bill payments to other providers (such as mortgage, loan and utility companies). This is a more time-consuming process which can potentially lead to errors, including missed payments, or overdue payment fees.
Our data suggests the effort involved in moving bank accounts and following up problems still outweighs the many cash-in-hand incentives banks and building societies offer to customers.
Therefore, it is important for UK Finance Companies to commit to reducing time and effort in these transitions, to improve the customer experience and promote take up.
Hanging on the Telephone
'Reporting a Problem' was identified by customers to be the main cause their Financial Services frustrations – awarding these interactions with a low score of just 66/100. TTi Global's research added further insight to this issue by demonstrating that the principle cause of dissatisfaction was 'Length of time on hold' (75)
Call centre systems are commonly cited as a major cause of irritancy for customers who, besides long call waiting times, may also experience being cut off, inconvenient call times, or being incorrectly transferred to the wrong department – which can result in having to repeat their enquiry all over again before being connected with the correct staff member.
Recent statistics show the genuine cost of leaving customers hanging on the telephone, with 25% switching provider because they’ve been kept on hold and 32% switching because they’re tired of talking to multiple agents.
Identifying shortcoming with a company’s call centres with incisive customer research should be a business priority, particularly for Financial Services Companies arranging and selling a wide range of complex services and products.
Alongside revealing the main triggers for customers' frustrations in navigating phone systems, targeted customer research allows a company to implement a productive call centre management plan, ensuring that agents can resolve customers' issues quickly and effectively. Increasing transparency to the successes and flaws of a phone system will also allow companies to explore new means of problem-handling, such as adding more self-service channels.
'Accounting' for High Customer Effort
The TTi Global benchmarking survey also uncovered the types of transaction which required the highest amount of customer effort. Increased effort is detrimental to customer experience in that it meansa customer must work harder to get the result they desire, making them more likely to take their business elsewhere.
While 'Staff Knowledge' scored comparatively low for customer effort (50), 'Current Account Problems' leap up to 92, indicating that these interactions with Financial Services providers involved an excessive amount of effort on the part of the customer. Customer effort has an enormous impact on loyalty. Reducing customer effort and providing a service that meets customer expectations enables companies to benefit from increased satisfaction and retention.
Best and Worst
Our latest survey shows that, of the Financial Services providers captured, AMEX and Nationwide received the highest overall satisfaction scores, with scores of 96 and 95, respectively. Barclays achieved slightly above the industry average (77) with a score of 78. Santander received the lowest satisfaction score (57) out of those surveyed.
How would your customers score your company?
Increasing customer satisfaction encourages brand loyalty and preference, and also drives revenue growth. TTi Global's benchmarking data gives you the sector insights you need to improve your customer journey across all channels, including:
- Pinpointing the interactions with your company that delight and frustrate customers
- Identifying where improvements are needed in priority order
- Revealing how your company performs compared to your closest competitors and wider industry
For further information about our benchmarking survey, or to find out more about commissioning your own company customer satisfaction research, contact TTi Global.