Research carried out by Ipsos MORI and commissioned by Verint demonstrates a very low level of customer satisfaction with retail FS in the UK. Less than half of consumers say they are happy with the service they receive from their provider. In addition, the research illustrates a poor level of efficiency, with over 40 per cent of people having experienced errors with their account, their paperwork, or technical systems. It also shows that consumers are reluctant to search for better deals, with over a third never using price comparison facilities.

David Parcell, EMEA managing director, Verint, comments: “Loyalty in the financial sector remains high, but it’s by no means a given anymore. Consumers today expect the highest standards of service and responsiveness, and more competitive sectors are significantly ahead of retail finance in this regard. If the Independent Commission on Banking’s recommendations are accepted—and we see an influx of agile, customer-centric players in the retail finance market—then established banks will find themselves working very hard to maintain loyalty and market share. Financial services providers must listen to the voice of their customers and be ready to take concrete action to address the issues they uncover.”

He adds: “If customers don’t share their feedback directly with bank management, they may be passing along feedback to contact centre staff, and most certainly are discussing their experiences via social media. Banks should treat that information as an asset, as it can be used directly to make their businesses more competitive. What’s more, many of the issues customers find fault with are completely within the banks’ abilities to address. For example, close to half of consumers have experienced mistakes on paperwork. Attention to detail of that sort should be elementary, and rectifying such avoidable mistakes represents a significant cost—a cost that is only ever passed on to consumers.”

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