Customer Service Expectations in Financial Services - UK - May 2010
- The growth of financial forums mean that a relatively small number of people are having a major impact on brands' reputation for customer service. Just 4% of those who have been let down by a financial firm say they went online to complain about it, but their complaints can now reach a huge audience.
- Predictably, people are strongly opposed to overseas call centres. But it's not just the language that causes problems. Focus groups suggest that overseas workers simply don't have a good enough grasp of the UK's financial system, and struggle with non-standard requests.
- Younger and less affluent people tend to be more irritated by problems with branch-based service - long queues, for example. The upper end of the market, though, is less bothered by that, and more annoyed by constant attempts to cross-sell.
- While it's easy to focus on the negatives, most people are relatively content - less than a quarter of them say that they've been let down by a financial service institution in the last few years.
- Satisfaction tends to be closely tied to experience. Banks are the most likely to be trusted to offer good customer service.
- Mintel's research showed that across the sample as a whole insurers were among the least likely to be trusted to offer good service. However, focus groups showed that among those who had actually claimed, the experience was often extremely positive. The public perception of how insurers behave is at odds with the reality of the situation.
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