Comment on Competition and Markets Authority’s latest customer satisfaction in banking survey

  • Andrew Stevens, Global Banking and Financial Services Specialist at Quadient

  • 16.08.2019 12:00 pm
  • Banking

“When the CMA launched this report six months ago, it seemed a natural fit when most customers rated a bank without any branches, First Direct, as the one they would recommend to their friend for online and mobile banking services. Barclays has now taken the number one spot, however, reflecting the fact that traditional high street banks recognise the importance of online and mobile, and are working to deliver stronger customer experience across all channels. In fact, our own research found that more than a third (38 percent) of people hadn’t visited their local bank for six months or longer, underlining the importance of a strong online and mobile offering.

“It was also interesting to see Metro Bank maintain its position as the bank UK customers would be most likely to recommend to a friend both for overall service quality, and for services in branches. This should serve as a reminder that local branches still have an important role to play, and can be a cornerstone of a quality customer service operation. Our own research shows that more than three quarters (79 percent) of consumers are concerned customer service would be damaged by the rise of remote banking; customers haven’t given up on physical banking, and the banks shouldn’t do so either. Whether somebody wants to interact at the counter or through a smartphone, they expect banks to be able to share the right information with them, in a timely manner. Those who fail to provide this will struggle to keep their customers happy.”

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