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SPA Future Thinking recently launched the Services Benchmarking Study, designed to help brand owners understand how their organisations rate across a variety of metrics; including overall customer satisfaction, NPS and Customer Effort. Our study also focused on benchmarking the top banking providers. The good news is that banking providers receive the highest satisfaction rates across all our KPI’s compared to the other service sectors measured, with 82% agreeing that their provider offers value for money. Loyalty is also high; 43% have been with their banking provider for more than 10 years, much higher than any other ‘service’ industry. Download our infographic “Show me the money!” which provides an overview of findings across the top banking providers including: • Breakdown of KPI metrics for banking providers • Loyalty rates across current account, savings account and credit card • Key reasons for cancelling accounts • Areas of poor customer experience that cause customers to cancel • Considerations towards new offerings from their current banking/ financial provider The Services Benchmarking Study has compared providers’ big and small, detailing in-depth information of how your company has performed against the competition. Here at SPA Future Thinking we utilise Their Voice our bespoke Voice of the Customer programme to help leading blue chip organisations achieve greater customer engagement and improved business performance. If you’d like to know more about our Services Benchmarking Study and find out how your business compares please contact either Craig Strudley [email protected] or Annabelle Truscott [email protected]
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87%
Customer Effort
Percentage of customers who agree that the company made dealing with them easy
Net Promoter
0-10 rating of likelihood to recommend
Overall Satisfaction
0-10 rating of satisfaction
6.5 7.0Mean score
8.0 9.07.5 8.5
Providers of banking / financial services were rated across 3 widely used KPIs. Great news for this sector is that scores are the highest
across all 3 KPIs compared to other service sectors measured
85%
89%
87%
7.757.25 8.79
7.797.39 8.58
7.787.25 8.39
7.677.33 8.79
+8-14+42
+5-14+37
+8-14 +33
+10-2 +42
-20 -10 10 300 20 40
SPA Future Thinking conducted the Services Benchmarking Study in April 2014 with 3,500 consumers across finance, utilities, media, insurance and emergency cover service sectors.
If you would like to find out how your business scored please contact a member of the services team.
E: [email protected] T: +44(0)1865 336 400
Data courtesy of SPA Future Thinking
www.spafuturethinking.com
Lowest HighestAvg.
Telephone
67%
12%
Online
10%
In Writing
3%
This rises to 49% for current account customers, and drops to 41% for both
savings and credit card customers
44% of banking consumers have contacted their provider within the past year, on a par
with other service sectors
Consumers are least loyal to
their credit card provider, with 1 in 5 having
switched at least twice
Value for money is the best indicator across all service industries
tested of intention to remain a customer
43% have been with their banking supplier for more than 10 years, much higher than any other ‘service’ industry
Only 3% have had to contact their provider in the past year to make
a complaint
70% of savings account customers have never switched
provider
1 in 3 have never contacted their credit
card provider
82% of customers agree that their provider
offers value for money; better than
other service industries
Over 3/4 would consider new
offerings from their current banking/financial provider
More than 4/5 agree with the statement “I intend to continue
being a customer of this company”
When it comes to customer satisfaction the UK’s banking services providers give consumers little to complain about. We’ve compared the market across 5 main service sectors; for the 3 main KPIs the banking sector scores consistently highest, but there’s always room for improvement!
As part of our service providers study we’ve benchmarked the top banking providers. If you want to know how your business compares then give us a call, we’d be delighted to share.
Show me the money!
££
Savings account
Current account
Credit card
Banking sector
1 in 2 account holders cancelled a banking service
as they found a better deal elsewhere
Customers who have been with their
provider >10 years
8 13 15 52 46 31Customers who have been
with their provider 1-2 years
17%
No longer needed
19%Service didn’t
meet my needs
22%Poor customer
experience
26%Financial reasons Why do
consumers cancel?
1 in 5 who did cancel, did so becuase of poor customer service, notably
higher than in other service sectors
Effort involved to get anything done
18%
25%
19%
Poor customer service
37%
37%
38%
Areas of ‘Poor Customer
Experience’ that cause consumers to cancel
56% 17% 14%
Better deal elsewhere
Billing issue
Too expensive
1 in 4 cancel due to financial reasons, of which...
