Banks second only to e-tailers for good service

CUSTOMER service at banks around the world appears to be better than many people would think, after being placed second in a report of various industries – although for UK banks there was less happy news as they were found to have lagged behind other regions.

Some 40 per cent of global respondents said they were satisfied with their experience at banks, with only e-retailers ahead at 45 per cent, according to KPMG’s Customer Experience Barometer released today.

The report was less positive for the UK’s banking sector, however, with only 35 per cent of customers rating their experience with banks as satisfactory, behind leaders Germany and Australia, where 43 per cent of bank customers were satisfied.

David Sayer of KPMG commented: “Given the reputation of the UK’s banking sector has been damaged by mis-selling scandals, it is unsurprising that the UK lags behind other regions. But we need to take on board lessons from other regions such as Australia, where many banks have invested heavily in upgrading their systems and are increasingly better understanding their customers through stronger data and analytics.”

The report on customer service satisfaction analysed 5,000 responses from customers across 160 leading banks, general and life insurers, telecommunications and utilities companies in the US, UK, Germany, China and Australia. The banking sector came ahead of general insurers, life insurers, and utilities.

Related articles