Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

UK banks failing to meet customer expectations

UK banks failing to meet customer expectations

New Medallia study reveals that 85% of consumers have seen no improvement in customer experience in past two years

London, United Kingdom –  Research of more than 8,000 consumers in the UK, US, Germany and France released today by Medallia, Inc. (www.medallia.com), the global leader in customer experience management, in conjunction with Ipsos, the leading independent market research company, found that customer experience is the top reason consumers cite for choosing a bank.

Despite the importance of the customer experience to consumers, more than three quarters (85 percent) of Brits said they have seen no progress in the customer experience in the banking sector. Although brands invest heavily in advertising and marketing, only 12 percent of global respondents said they would be swayed by a company’s advertising communications.

The question then for many banks is how they can show innovation and progress in customer experience, whilst analysing how customers want to see this progress being made.

Rachel Lane, digital solutions principal at Medallia comments on the findings, “Many high-profile UK banks have hit the headlines for all of the wrong reasons recently. They are swiftly learning how building and repairing customer trust is the key to growth, and indeed survival. Creating a positive customer experience, across all channels must be at the front and centre of how brands operate. Consumers today expect nothing less.”

The data reveals that consumers are quick to both penalise and reward a brand based on their experience. In fact, 80 percent of UK consumers claim to have chosen a product or service from a company because of good experiences, while 64 percent said they have avoided a provider because of a bad experience they had within the last year.

Key findings of the study include:

  • 64 percent of UK consumers say they have avoided a brand because of a bad experience in the past year and this is even more clear in millennials, at 70 percent.
  • Just 7 percent of Brits say that an experience with their bank has exceeded their expectations in the past year.
  • Banks are failing enhance the customer experience, as 85% of consumers state they have seen no improvement in their bank’s customer experience in the past two years
  • Every interaction matters. Customers expect their experience to be seamless and efficient on and offline – two thirds (65 percent) of consumers expect consistent levels of service across physical and digital channels.
  • An average of 57 percent of UK respondents expect real-time responses on their preferred channel of communication.
  • Women and younger generations are more likely to avoid a brand because of a bad experience. 66 percent of women (vs. 62 percent of men) globally have avoided a brand because of a bad experience (with 64 percent being the global average for both men and women). In addition, this behaviour is even more pronounced for millennials and Gen Z, with 70 percent and 68 percent respectively avoiding a brand because of a bad experience.

Methodology

Medallia partnered with Ipsos to conduct a panel survey of 8,002 consumers from four countries — US (2,002), UK (2,000), France (2,000), and Germany (2,000) — across six industry sectors: online retail, offline retail, banking, insurance, mobile network providers and hotels. The collected sample was approximately matched to the census of each country on age and gender. The research was conducted online, in the local language for each country, and respondents were incentivized to participate.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post