How does your bank rate for customer service?

Published on 03 September 2014 by in Latest News

Good customer service should lie at the heart of all businesses and many would like to think that the people responsible for safeguarding their money, the bank, should be offering the highest level of customer service. Yet this is not always the case within the financial services sector. In a recent study carried out by MoneySavingExpert, more than 8,000 people helped score banks by the level of customer service they have received.

numero have taken a look at some of the banks that were rated best and worst for their service by their customers.

iStock 000020068511 Small 300x199 How does your bank rate for customer service?

First Direct

First Direct was once again crowned the best bank for customer service with a huge 93 percent of customers reporting great service had been provided. The bank is renowned for its excellent service via both the internet and telephone. Its service has led to First Direct having won every MoneySavingExpert bank account service poll since the website started the survey six years ago.

“The 93 percent score for First Direct was a real endorsement of consistently excellent customer service,” said Dan Plant, at MoneySavingExpert.com, “a lesson for many household names.”

First Direct implemented a tool on their website called ‘The First Direct Lab’ which is all about getting the customer involved. ‘The Lab’ is a place where customers can express their thoughts on the new projects and hot topics First Direct are working on.

They have also recently answered their customers’ requests creating a new version of their Banking on the go App, compatible with mobile devices running Windows 8 and above. They stated, “We always try to develop our services based on our customers’ needs, which is why we’ve now developed a version of the App to work on these devices. It allows customers to stay on top of their finances wherever they are.”

Co-op Bank

Runner-up in the poll was Co-op Bank, and its Smile internet account. Some 76 percent of respondents said its customer service was great, despite its loss of almost 40,000 customers in the first half of this year.

The bank also removed its “Service Level Guarantees” which gave customers £15 if Co-op failed to meet a set of self-imposed standards.

Santander

iStock 000018250624 Small 300x199 How does your bank rate for customer service?

Santander’s 123 account, which pays up to 3 percent cashback on household bills and other spending, has been a favourite among
customers.

Santander have also recently introduced vScreen as part of their customer service strategy, Glenn Lindsay, director, Personal Segments at Santander said:

“Using vScreen to add a visual element to what is traditionally a voice-only experience means our agents have a far greater engagement with our customers. Visual calculators help ensure that the customer chooses the right product for them and electronic signatures mean that applications can be processed whilst on the call. This revolutionises the customer experience by removing the cost and time to post documents back and forth.”

Barclays

Last year, campaign group Move Your Money rated Barclays as the worst financial institution out of 70, assessed in a test for honesty and customer service.

A spokesman for Barclays said: “Even one dissatisfied customer is one too many, and we are constantly working hard to improve and innovate our services. Whilst this survey doesn’t tally with our comprehensive and independent customer satisfaction scores, we will learn any lessons we need to in order to do better in future.”

Bank of Scotland

In the recent study carried out by MoneySupermarket the Bank of Scotland was rated last for banks providing customer service, with only 26 percent of people saying they provide great customer service. They also received the highest percent of votes for poor customer service with 21 percent.

A spokesman for the Bank of Scotland said: “The level of banking complaints across the Bank of Scotland retail network is falling, and at June 2013 these have been reduced by 50 percent against the same period last year. “Getting customer service right is at the heart of our strategy of being the best bank in Scotland.”

numero believe that to keep up with the competition within the financial sector, banks need to shape up fast if they don’t want to see customers desert them in favour of some of the newer banks on the market. Banks are responsible for protecting the money of millions of customers, so consumers naturally have high expectations and ensuring every customer is satisfied requires first class service.

 

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