The 2014 Which? customer satisfaction survey reports that only one financial services brand delivered a 5 star performance in making their customers feel valued.
With only 3 banks making an appearance in the top 20, it is clear that the general public still feel antipathy towards the customer service they are receiving from financial services organisations. With just one exception, all of the UK's biggest banks continue to languish in the bottom half of the survey and it is clear the financial services sector as a whole still has a long way to go in restoring customer trust.
Participants of the survey indicated that long queues, having to wait for a response to queries and receiving standard responses to problems were some of the main issues they encountered during their day-to-day interactions with financial services organisations.
At a time when increasing numbers of customers are choosing to undertake their banking through mobile and digital channels and the number of high street branches is at an all-time low, the challenge of engaging customers to deeply understand their needs and rebuild trust, becomes even more difficult. How financial services firms deliver fresh thinking in regards to face-to-face customer interaction, whilst offering genuinely good value products and services in an open and compliant manner, will determine whether they can revitalise customer trust in the short term.
Unipart Expert Practices believe that building engagement and integrity into your front line services is key to restoring trust with customers, employees and regulators. We are not alone in that belief: recent research has been conducted by the University of Bath School of Management and published by Engage for Success. The research demonstrates there is a firm correlation between employee engagement and high organisational productivity and performance, across all sectors of the economy. It shows that, companies with top-quartile engagement scores average 12% higher customer advocacy, they also have 18% higher productivity and twice the annual net profit.
To find out how we can help you rebuild trust in a way that is both beneficial and sustainable for your business, whilst putting the customer at the heart of everything you do, please click here.