UK Customer Service in Financial Services Report 2025
66% of consumers have reached out to their financial provider's customer service team within the last two years.
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EXECUTIVE SUMMARY
- What you need to know
- Outlook for customer service in financial services
- Opportunities
- Turn AI innovation into consumer advantage
- Ease the digital transition with hybrid enablement centres
- Deliver omnichannel support to meet consumer demands
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THE MARKET
- Economic uncertainty strains household finances
- Graph 1: CPI and average wage rises, 2021-25
- Rising cost of living knocks consumer confidence
- Financial Ombudsman sees a surge of complaints
- Graph 2: complaints submitted to Financial Ombudsman Service, 2019/20-2025/26
- The decline of high street banking raises concerns for vulnerable consumers
- Regulatory and Legislative Changes
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THE CONSUMER
- Usage and motivations
- Consumers are increasingly dependent on customer service
- Graph 3: reasons for contacting the customer service of a financial services company in the last two years, 2022 and 2025
- Automated services drive customer engagement
- Tailor services to better support younger demographics…
- …or risk a rise in complaints and account closures
- Satisfaction levels
- Service satisfaction has improved across financial services
- Digital providers set the benchmark for customer experience
- Graph 4: customer service satisfaction, by type of financial services provider, 2025
- Industry-specific tactics are key to effective customer support
- Negative experiences may be rare, but their impact is significant
- Maintain customer service quality, even when retention isn’t threatened
- Contact preferences
- Adapt to existing contact preferences to deliver efficient support
- Triage support requests to streamline query handling
- Deliver omnichannel support to meet expectations and drive satisfaction
- In-person service
- Highlight accessible alternatives for consumers’ most common needs
- Preserve access to cash through shared banking hubs to support customers
- High-street branches continue to serve a significant customer base
- Support financially inexperienced customers with video calls
- Evolving demands
- Consumers demand more as financial services go digital
- Round-the-clock contact is key to retain Gen Z and Millennial support
- Give consumers control over their data to avoid alienating them
- Build confidence in account security and data sharing for older consumers
- Employ AI capabilities to support the entire customer journey
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INNOVATION AND MARKETING
- AI advancements are transforming customer service standards
- Banking hubs are expanding, but shortcomings create opportunities for challengers
- Nationwide and HSBC commit to preserving high-street banking
- Winning younger audiences through service-centric campaigns
- Changing the narrative around ‘predatory’ insurance through customer service
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APPENDIX
- Report scope
- The consumer
- Consumer research questions
- Consumer research methodology
- Repertoire analysis methodology
- Abbreviations
- Generations
"Technology is changing customer service for the better, but as branches close and cost-of-living challenges persist, empathetic, human-led support remains essential to maintaining trust."
Katie Owens-Davies, Financial Services Analyst
66% of consumers have reached out to their financial provider’s customer service team within the last two years. The rise of 24/7 online support has eliminated traditional communication barriers, making assistance more accessible and increasing engagement. As technology drives expectations for quick and effective solutions, consumers are becoming less tolerant with delays and complications.
To address the rising volume of enquiries, financial institutions are turning to AI-powered strategies to boost efficiency. However, this rapid digitalisation carries risks. As bank branches close and AI becomes more prevalent, maintaining consumer trust is becoming more difficult. 42% of consumers are unwilling to share personal data with AI tools, even when direct benefits are offered. To move forward effectively, firms must prioritise transparency and consent. Failing to do so risks alienating hesitant customers and deepening the trust gap in the industry.
This report looks at the following areas:
- The impact of economic pressures and industry regulation on customer service
- The evolution of customer service usage and contact drivers over the past three years
- Satisfaction levels and the impact of negative experiences across financial services
- How contact preferences vary by issue type, and the need for omnichannel support
- The use of in-person banking services, and the motivation behind visits
- The developing role of AI in customer service and overcoming consumer resistance
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