BANK ACCOUNTS

Customers more satisfied with their bank than a year ago

Customer satisfaction in relation to high street banks has increased since last year, new consumer research has revealed.

A study carried out by consumer watchdog JD Power and Associates found that, despite an environment of cynicism towards the overall banking sector, satisfaction with retail banks has actually increased.

The 2011 UK Retail Banking Satisfaction Study found that customer satisfaction averaged 698 on a 1000-point scale. This is up from 683 last year.

“It appears that banks have taken action to improve the customer experience, and this effort has paid off,” said Stuart Crawford-Browne, director of the services and emerging industries division at JD Power and Associates.

Despite this overall increase, satisfaction is still low when it comes to fees, product offerings, and problem resolution.

Mr Crawford-Browne added: “Retail banking customers tend to be especially dissatisfied with overdraft fees and monthly service charges, particularly the amount of these fees.”

Customer problems have declined in the past year, but the research found that more than half of customers who have had a problem or complaint say they were disappointed with their bank’s resolution process.  As well as this, nearly 40% of customers left their bank because of a poor service experience.

Banks that scored above average in customer satisfaction included First Direct, who topped the poll, followed by the Co-operative bank, Nationwide, and Barclays.

“It's fantastic to see that our customers are shouting loud to let the industry know that we're leading the way in service and banking,” said Mark Mullen, Chief Executive of First Direct.

First Direct’s bank accounts have also been praised recently. The bank was awarded Best Current Account at this year’s Personal Finance Awards.

Mr Mullen added: “It's been something we've worked day and night for since we started and it's great to win these awards to show we're still doing it better than the rest.”

Tags: BANK ACCOUNTS, customer bank services, customer satisfaction, high street banks