As part of his work experience placement at the BSA, student Joe Gooding interprets YouGov data from a recent survey to see how building societies are performing against other financial services when it comes to customer satisfaction.
I have had a savings account for around four years, and I recognise how important good customer service is in creating a trusting and amicable relationship between customer and provider. When all your life’s savings are in the hands of your savings account provider, trust is of paramount importance.
The BSA works with independent market research firm YouGov to find out about the perceptions of customer service at customer-owned building societies versus other institutions.
The latest survey was conducted online between 1st - 4th July 2016. Over 2,000 adults took part, and the results are nationally representative of all GB adults (aged 18+).
Those with a mortgage or savings account were asked to state to what extent they agreed or disagreed with seven customer service statements about their mortgage and savings providers. The results amongst those who gave an opinion show that building societies outperformed other providers in every aspect (see chart).
When respondents were asked if their provider makes them feel as though their business is valuable to them, building societies significantly outperformed other providers – by 12 percentage points. What’s more only 4% of building society customers strongly disagreed with this compared to 9% at other providers.
Another area where building societies significantly outperformed other firms was acting in the best interest of their customers with 80% of building society customers agreeing with this. Only 70% of customers at other providers agreed with this, meaning building societies outscored them by 10 percentage points.
These independent results demonstrate the difference that customer ownership can make in the relationship between customer and provider, and shows the consistently higher standards provided at building societies, across all areas of customer service.
The proportions saying ‘Don’t Know’ are excluded from the results.
Respondents were asked individually about their mortgage provider and then their savings account provider. For those who had both with a building society or a different type of provider, and average score was taken so not to double count responses.
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