BSA: Consumers provide snapshot on service experience

As Sir Richard Lambert starts work on the formation of an independent banking standards body, new independent research from YouGov provides a snapshot of the views of UK consumers about service provision at banks and mutuals including building societies.

Mutual providers score more highly on all three key satisfaction indicators:

Trust: that their provider acts in their best interests

Value for money (chart here)

Recommendation: would the consumer recommend their provider to a friend

Trust (chart here)

63% of mutual customers say that they trust their provider to act in their best interests

44% of bank customers say the same of their provider

Value for money (chart here)

68% of mutual customers say that their provider offers them good value for money
46% say the same of their bank

Recommendation (chart here)

79% of mutual customers would recommend their financial services provider to a friend

60% say the same of their bank

Commenting, Adrian Coles, Director-General of the Building Societies Association said:  “It is encouraging to see from this research that the mutual difference, far from being an ownership technicality, is being positively experienced by consumers on a daily basis.

“Building societies and other mutuals play a vital role in local communities and in adding diversity to the financial system.  This not only offers customer choice, but adds to competition more broadly and contributes to the resilience of the financial system as a whole.  We look to legislators and regulators as well as ourselves to ensure that mutuals can continue to play their part in improving financial services across the UK.” 

 

Ends

CONTACT

Hilary McVitty

Head of External Affairs

hilary.mcvitty@bsa.org.uk

020 7520 5926

 

Victoria Bamber

Press & Publications Officer

victoria.bamber@bsa.org.uk

020 7529 5927


Notes for Editors

      Survey commissioned by the Building Societies Association
      All figures are from YouGov Plc. Total sample size was 4,781 adults, of which 4,298 had a mortgage, savings or current account.  Percentages based on a summary of responses of providers within the relevant sectors. Fieldwork was undertaken between 16th – 22nd August 2013. Results exclude those who responded 'Don't know'. Charts do not show those who responded 'Neither agree nor disagree'.
      Higher resolution charts area available from the BSA press office, contact victoria.bamber@bsa.org.uk
      The BSA published a diversity index for financial services in April 2013, exploring the factors contributing  to diversity and the importance of the UK having a diverse financial services sector. The summary report can be accessed here.