Co-operative bank tops customer satisfaction league

| September 11, 2008
Co-operative bank tops customer satisfaction league

Banks are giving themselves a pat on the back as the 2008 UK Retail Banking Customer Satisfaction Study reveals that consumers are happier with their banks than a year ago, despite the challenging economic climate.

The report is compiled by J D Power and Associates, the marketing information services firm.

It measures customer satisfaction with the UK’s 13 largest High Street banks using six criteria: transactions (branch, ATM/cashpoint, online and telephone); account opening/product offerings; fees; account statement; problem resolution; and convenience.

The study expresses overall satisfaction on a 1,000 point scale and reported a 16 point rise in 2008, to 667.

Fifty per cent of respondents said they have less disposable income in 2008 compared with 2007, but 71% of this group believed that their bank’s stability has not changed in the past year.

The Co-operative Bank ranked highest in customer satisfaction with a score of 746, followed by Nationwide (706) and Royal Bank of Scotland (703).

Key areas for attention among lower-ranking banks include efficiency in resolving problems within the branch and UK-based call centres; avoiding charging customers fees and ensuring that service times are kept to an absolute minimum.

The study also revealed that over 50% of bank customers pay no fees or charges and 85% would prefer customer service operations to be located in their country of residence.

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