The Building Societies Association commissioned YouGov in July to conduct independent research into levels of customer service at building societies, banks and other providers.
Survey participants with a mortgage or savings account provider, were asked to state whether they agreed or disagreed with seven customer service statements about their providers. The results show that building societies continue to have a significant lead over other providers when it comes to customer service, outperforming their competitors on all seven measures.
Nine in ten building society customers agreed with the headline measure ‘my provider offers good customer service.’ This demonstrates the high quality of service experienced by these customers. Other providers also performed well here, with a score of 82%.
Building societies recorded the largest lead when customers were asked if their provider offered competitive interest rates. Over three quarters (77%) of building society customers agreed with this statement, compared with 60% of all other customers.
Performance results were least positive when customers were asked if they agreed that their provider makes them feel as though their business is valuable to them. However, building societies outperformed the market, with 69% of their customers agreeing compared to 54% of the customers from other providers.
Commenting on the results, Joe Thompson, Business Economist at the BSA said:
“Firms are always looking for ways to improve in order to benefit their stakeholders. Whereas publicly listed companies need to maximise profits to satisfy shareholders, building societies do not. The business drivers for building societies are fundamentally different because they are owned by their members, and their members are their customers. This has a massive impact on culture, behaviour and day-to-day decision making. This survey demonstrates the positive effect that this can have on customer experience.”
- ‘Don’t Know’ results have been excluded.
- 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, an average score was taken to avoid double counting responses.
- Analysis was conducted by the BSA based on data from YouGov Plc. Total sample size was 2,027 adults. Fieldwork was undertaken between 21st - 24th July 2017. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
- Figures on the extent of agreement and separately the extent of disagreement have been aggregated to give a single total for each.
- ‘Other providers’ includes bank customers plus some other types of financial service providers.
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