Turner Little look at new research that has been released that indicates that the UK’s biggest banks are failing to improve customer service.
What consumers want
When you’re establishing a business, you need to find an effective banking service to handle your vital financial matters. This is all well and good, but what actually counts as an “effective banking service?” A 2015 Gallup Poll of banking consumers in the US went some way towards answering that question.
In cases where consumers “strongly agreed” that their bank prioritises their financial well-being, 84% are “fully engaged.” Meanwhile the poll indicated that when a bank takes time to address a customer’s financial well-being, they “strongly increased” that customers trust in their capabilities.
UK banks and customer satisfaction
Therefore customer satisfaction sits at the heart of effective banking, but a new uSwitch survey of 10,000 current account holders’ shows that it isn’t being provided by major UK banks. The Financial Times reported that the Royal Bank of Scotland (RBS), HSBC, Lloyd’s Banking Group and Barclay’s all slipped down the rankings for “customer satisfaction” in the latest poll, with RBS coming in dead last.
Barclays was the biggest loser; recording the largest fall in customer satisfaction. Lloyd’s also suffered, slipping throughout a range of aspects in offering current accounts. Meanwhile, HSBC dipped eight spots in the “most trusted” category, following months of negative press around recent system faults.
Nicolas Frankcom, of uSwitch.com commented on the UK big banks’ collective fall in the customer satisfaction rankings. He argued that “with more challenger banks expected to shake things up even further in the future, the big four clearly have more to do if they want to be the big winners.”
Turner Little
If you’re starting a new business, you can’t afford to rely on banks that fail to provide effective customer satisfaction. You can utilise offshore banking services, such as those provided by Turner Little, if you wish to benefit from the support you need to turn a fledgling business into a roaring success.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agents, Registered Bank Intermediaries and Business Consultants, as well as Trust providers.
