Earlier this month, the Competition and Markets Authority (CMA) released the findings from its latest survey on quality of service in UK banking.
The survey was introduced by the CMA after it conducted a market investigation into the banking sector in 2016. The results, shown in a league table, enable customers to easily compare banks’ performance on quality of service.
What can Marketers learn from the results, and how can you use them to improve service quality?
What do the findings cover?
Since August 2018, banks have had to publish information on how likely people would be to recommend their bank overall – as well as its online and mobile banking, branch and overdraft services specifically – to friends, relatives or other businesses. The results are updated every six months.
The research covers 16,000 customers with personal current accounts – 1,000 from each of the banks.
The results show the proportion of customers of each provider who said they were ‘extremely likely’ or ‘very likely’ to recommend each service.
This time, Metro Bank overtook First Direct to take the top spot. 83% of Metro Bank’s personal customers said they would recommend the bank.
Royal Bank of Scotland scored lowest overall, as well as for service in branches. First Direct, which is online only, was judged best at online services. TSB scored the lowest for its online offering.
Overall service quality is shown in the graph below.
Actions for Marketers as a result of the survey
If you work in Marketing at a consumer bank, how can you use the findings of the latest research to improve your own offering?
- Ensure the results are published
An important one if yours is one of the banks included in the research. All banks covered by the research must prominently display the results of the survey in their branches, on websites and apps.
- Do what you do, and do it well
Responding to their strong showing, a Metro Bank spokesman said: “Our offering is simple. We believe in providing the very best in service and convenience for both consumers and businesses”.
There’s a lesson here for all banks (and service firms). Keep it simple, and ensure you deliver on the customer promises you make.
- Treat your customers fairly
There are plenty of rules aimed at ensuring banks’ customers are treated fairly. TCF is a key pillar of the FCA’s approach to consumers. In August 2018, the FCA published new rules on current account communications.
A super-complaint lodged in September 2018 by Citizens’ Advice addresses the issue of pricing for loyal customers – read up on the issues troubling the regulator and the CMA to make sure your pricing follows best practice guidelines.
- Ensure your firm knows the role Marketing can play
Customer satisfaction is often seen as an operational issue, while adherence to regulations is left to the Compliance team. But regulatory compliance is everyone’s responsibility – Marketing has an important role to play here too.
Treat customers fairly and improve your satisfaction levels
As we mentioned above, the FCA’s ‘Treating customers fairly’ rules underpin a lot of the regulator’s requirements. They also provide a common-sense checklist for banks wanting to ensure that they are treating all their customers (including loyal, older and vulnerable consumers) according to best practice guidelines.
How can we help!
At LS Consultancy, we offer a number of distinct products and services which can be deployed individually or combined to form a broader solution.
When you face business or regulatory challenges, we can provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.
We work both within individual teams and across many departments to offer a complete solution, with a range of cost effective, compliance and marketing solutions including copy advice which are uniquely suited to supporting firms.
Connect with us via social media and drop us a message from there. We’d love to hear from you and discuss how we can help.