By Karen Moss
A recent survey by Netop shows that there is a huge discrepancy between how banks think their customers rate them, and how the customers actually see them. In fact, banks are three times more likely to rate themselves as offering the best customer service, when compared to other service sectors, than the rating they receive from their customers.
The emote engagement tool provider says the new M&S Bank will be a 'wake up call' to established High Street banks.
Netop CEO, Kurt Bager says: “The arrival of M&S Bank is another wake up call for the established High Street banks who need to up their game in terms of customer service, and get closer to their customers - or risk losing them.”
Bager believes M&S appears to be basing its banking strategy on the fact that customers want a more personal relationship with their bank, and having already established deep trust with the UK public and a solid reputation for excellent customer service, this is a logical step for the company to take. This has already been proven with Tesco, the Co-op and other trusted grocery brands.
He continues: “Customer loyalty is a powerful thing in banking and research has shown people are more likely to change their spouse than their bank. But with trusted High Street brands now entering the fray, this could all be set to change.
"Established banks need to develop unassailable and holistic loyalty with their customers, both on the High Street and online, to keep growing. This trend, along with the fact that people are also more inclined to bank online rather than visit their local branch, is turning the traditional bank manager/customer relationship on its head.”
Marks and Spencer has said it will launch an in-store banking service this summer, backed by HSBC. Current accounts will be offered in the autumn and mortgages available at a later date.