The UK Financial Conduct Authority (FCA) has launched a consultation on forcing banks to reveal the quality of their customer service from this time next year.
Following the consultation, which ends on 25th September, banks could be required to disclose, every quarter:
The FCA hopes that the information will make it easier for customers to compare accounts, and encourage them to switch accounts if they can get a better customer experience elsewhere.
UK Finance, which represents the largest UK banks, welcomed the proposals as “a positive step that will make it easier for consumers and businesses to compare the quality of service offered by different current accounts.”
Gareth Shaw, money expert at consumer group Which?, said: “It is vital that consumers have access to useful information that helps them make informed choices about which bank to move to. However, many customers that would benefit the most from switching banks, such as those who regularly rely on overdrafts, don't switch.”
Assuming that the FCA proceeds with its proposals, the quality of customer experience provided by banks will become even more important. With customers able to see in stark terms which banks are rewarding their customers and which banks are failing them, the competition to win new customers will become fierce.
MSB continues to partner with leading international financial services organisations to assist them in the areas of customer experience. Our work has included designing and rolling out new customer service strategies, delivering sales training and conducting in-depth face-to-face customer research with banks' UNHW, HNW and corporate clients.
To find out more about MSB’s experience in the financial services sector, please visit our website.