Financial services providers rated worst for customer service in U.K. survey

Consumers in the United Kingdom taking part in a recent survey put financial services providers at the bottom of the list for offering the highest standards of customer service, note results released Thursday by Aspect Software.

From a list of 13 groups of different organization types, financial services was rated the worst, reports Aspect Software, which provides contact centre software. The company-commissioned poll, which involved 1,000 U.K.-based consumers over the age of 16, found that just 17% of consumers regard banks, building societies, credit card providers, insurance companies and loan providers as offering the highest levels of customer experience.

And one bad experience would be enough for 33% of those polled. A third of respondents reported that one bad experience would lead to them switching insurance providers, while 30% stated they would switch their credit card provider after one bad experience. The percentages were lower for banks/building societies, which would get the switch from 25% of those polled.

When combining the interactions over the past 12 months with banks/building societies, insurance providers, loan providers and credit card providers, only 26% of respondents can recall a particularly good experience that stands out, notes the press release from Aspect Software.

Of those who did receive bad service, very few actually complained, with only 9% complaining about a service received from their bank/building society, 3% with their credit card provider, 2% with their insurance company and 1% per cent with their loan provider, the statement notes. Given that consumers are most likely to switch these providers (other than banks), however, it is perhaps the case that they will switch provider instead of making a complaint, the press release adds.

“With such competitive markets and the ease at which consumers can change providers, it is absolutely essential that organizations – in any sector, but especially the financial sector – establish loyalty within customers,” Mark King, Aspect’s senior vice president, Europe and Africa, says in the statement.