The first official ranking of customer experience in the financial services sector has been released this week by the Competition and Markets Authority. The research included thousands of personal and small business customers and found that Britain’s state-owned bank, RBS, came bottom of the league table out of 16 lenders.
Following the release of the research, RBS has been instructed by the CMA to put up posters in their branches and on their website highlighting their poor customer service.
CMA senior director Adam Land said: “For the first time, people will now be able to easily compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better.”
The FCA’s Christopher Woolard said: “Getting a good deal isn’t just about pricing. It’s also important for customers to be able to judge the quality of service.”
At the top of the league table came First Direct and Metro Bank, showing that the traditional high-street banks are lagging behind their new competitors.
With the regulator taking the unprecedented step to name and shame banks that have poor service, it is time for the traditional high-street banks to take note and act to improve customer experience.
How can we help?
MSB partners with leading international financial services organisations to assist them in the areas of customer experience, sales and client relationship management. Our work has included designing and rolling out new customer service strategies, delivering sales and customer service training, and conducting in-depth face-to-face customer research with banks' UNHW, HNW and corporate clients.
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