Most banks fail on customer experience, study says

The majority of the UKs top high street banks fail to meet customers expectations on service, according to a study.

The majority of the UK’s top high street banks fail to meet customer’s expectations on service, according to a study.

Only HSBC and US bank Citi were found to offer customers an online or in-branch experience that is above expectation from the ten banks surveyed, with HSBC coming out top.

The study, based on 100 “mystery shopping” visits and analysis by brand and marketing consultancy Prophet, found that of the eight remaining banks Lloyds TSB was found to be offering the worst customer experience.

Natwest, Halifax and Abbey were among those found to be offering “below expectation” experience.

Mystery shoppers were asked to grade the ten organisations on four criteria – branch experience, website experience, service speed and service quality – on a scale of one to five with one being “extremely below expectations”.

Vanessa Cohen, partner at Prophet, says customers’ demand for good service has increased since some of the major high street banks have taken taxpayer money.

She adds those banks that “seize the opportunity to up their customer experience game could see a great return”.

“Because banking is part of everyday life, customer experience is particularly influential in shaping brand reputation,” she says, adding “consequently an almost obsessive attention to detail to delivering on customer expectations, and beyond, is required.”

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here