Customer satisfaction in UK banks and building societies is at an all-time high, according to the Institute of Customer Service.
Despite the uproar of the financial crisis and bankers' bonuses, the latest UK Customer Satisfaction Index (UKCSI) survey found that banks and building societies represent the only sector to have seen customer satisfaction consistently improve since 2012.
Overall, the banking sector rose from 7th to 4th in the list of 13 sectors. With a score of 78.6, it sits comfortably above the national average of 76.2.
The Institute of Customer Service revealed that just 9% of consumers are currently experiencing problems with their bank or building society. Again, this places it comfortably below the national average (13.2%).
As mobile and online banking increasingly becomes a convenient option, organisations must ensure that customer service online reaches the same standard as the more traditional methods, such as ‘across the counter’ over the phone,” said Jo Causon, CEO of the Institute of Customer Service.
“Now that customers can switch bank accounts within seven days, they are more aware of the options and more likely to consider changing. There is no longer apathy brought about by uncertainty meaning that strong customer service is now a key competitive advantage in the marketplace. In what is becoming a relationship driven economy, if customers are not happy they will vote with their feet and move to the competition.”