Consumers
The BSA has teamed up with the market research company Capital Blue to determine how mortgage borrowers view the service that they have received from their lender.
Between January 1st and June 30th 2008, 4,033 mortgage borrowers were asked by Capital Blue if they would definitely recommend their lender to family, friends or colleagues. Borrowers were asked the question electronically when their mortgage application completed.
The results were -
The high levels of customer focus that are the cornerstone of building societies means that this will come as no surprise to anyone who follows the mortgage market. What is interesting, though, is how few former building society customers would recommend their lender, confirming the long held view that once societies demutualise service levels start to fall as the company focuses on profits and shareholder value rather than delivering an outstanding service to their customers.
Further information can be obtained from Neil Johnson at the BSA (neil.johnson@bsa.org.uk) or John Dick or Steven Miell at Capital Blue (enquiry@capitalblue.co.uk). .
