CFI Group, the industry leader in customer satisfaction measurement, has today launched the first UK National Customer Satisfaction Index (NCSI-UK) for banks, supermarkets and mortgage lenders.
The results are based on a sample of 5,383 responses from customers who have a current account with a bank, do most of their shopping with a particular grocery outlet or have a mortgage agreement with a lender. Waitrose leads all companies measured with a customer satisfaction score of 82 on the Index’s 0-100 scale, well above the score of 72 for the supermarket industry. At the other end of the spectrum, Somerfield ranks lowest at 63, while Abbey has the lowest satisfaction in both financial categories, with scores of 64 for its retail banking and 65 for mortgages. The retail banking and mortgage industries score 71 and 70 respectively. The research is conducted using the respected methodology of the University of Michigan’s American Customer Satisfaction Index (ACSI). The Index examines not only customer satisfaction but also customers’ expectations, perceived quality, perceived value, customer complaints and customer loyalty as well as other measures related to satisfaction such as corporate social responsibility. The ACSI is used in the US as a prime indicator of corporate performance and economic strength, but this is the first time the methodology has been applied to the UK market. “There has been plenty of research in the UK looking at current consumer spend, but very few are actually using the voice of the customer to drive their business performance. Customer satisfaction is a critical measurement for companies hoping to retain and grow their customer base in this difficult and highly competitive market climate,” said Sheri Teodoru, Managing Partner of CFI Group. “Companies that do well by the customer will be rewarded with increased market share and more capital investment, while companies that fail to satisfy the customer will be punished by defections of both buyers and investors.” Patrick Barwise, Emeritus Professor of Management and Marketing at London Business School and co-author of the award-winning book Simply Better, is advising CFI in the UK. He adds, “The ACSI is the gold standard measure of customer satisfaction in the USA. As well as being an authoritative scorecard, it also provides diagnostic measures to help companies prioritise their improvement efforts, by showing which actions are likely to have the biggest impact on customer satisfaction and, ultimately, the bottom line. I am delighted to be helping CFI bring these benefits to UK companies.” Key Findings: Bank Satisfaction Ratings Measure includes six major banking groups: RBS (The Royal Bank of Scotland /NatWest/Ulster Bank), HSBC (includes online/telephone bank First Direct), Lloyds TSB, Barclays (includes Woolwich), HBOS (Bank of Scotland/Halifax/ Intelligent Finance) and Abbey (includes online/telephone bank Cahoot). Smaller Banks/Financial Services organisations are included in the ‘All Other’ category. - Aggregate customer satisfaction is 71 on a 0-100 point scale – in comparison with the aggregate US score (78).
- Top rated banks include: RBS Group (The Royal Bank of Scotland/NatWest/Ulster Bank) and HSBC (including First Direct), both with scores of 71, closely followed by Lloyds TSB with 70.
- Smaller banks/financial services groups scored higher overall than any of the major banks at 79.
- Bottom scorer: Abbey (including Cahoot) with a score of 64.
- Customer complaints: The banking industry tops the number of complaints received compared to mortgage lenders and supermarkets. With 31% and 28% of customers making a complaint in the last year, Abbey and HBOS respectively have the highest proportions.
- Customer loyalty: Abbey customers exhibit the lowest loyalty and are most likely to change banks in the next 6 months.
Key Findings: Supermarket Satisfaction RatingsMeasure includes the six largest supermarkets: Tesco, Asda, Morrisons, Sainsbury’s, Somerfield and Waitrose; smaller companies are included as ‘All Other.’ NCSI-UK measures the in-store customer experience, though online propositions may also influence customer behaviour. - Aggregate customer satisfaction is 72 on a 100-point scale – the aggregate US score stands at 76.
- Top rated supermarkets include: Waitrose (82), followed by Asda (76) and Morrisons (74).
- Bottom scorer: Somerfield (63).
- Customer complaints: With 21% and 18% of customers making a complaint in the last year, Tesco and Sainsbury’s respectively have the highest number of complaints. Both also scored low for complaint handling with only Somerfield faring worse.
- Customer loyalty: Waitrose customers are the most loyal. Somerfield customers are most likely to change supermarkets in the next 6 months
Key Findings: Mortgage Lenders Satisfaction Ratings Industry measure includes six major Mortgage Lenders: HBOS (Bank of Scotland/Halifax/Birmingham Midshires), Abbey, Lloyds TSB (includes Cheltenham and Gloucester), Nationwide, Northern Rock and RBS (The Royal Bank of Scotland/NatWest); smaller companies are included as ‘All Other’. - Aggregate customer satisfaction is 70 on a 100-point scale.
- Top rated lenders include: Nationwide Building Society (77), followed by RBS Group (NatWest/The Royal Bank of Scotland) with 72 and Lloyds TSB, with 71.
- Bottom scorer: Abbey (65) closely followed by Northern Rock (68).
- Customer complaints: With 18% of customers making a complaint in the last year, RBS Group has the highest number of complaints. In contrast, Northern Rock has the lowest number of customer complaints followed by Nationwide. However, where there was a complaint, Northern Rock was worst at complaint handling. Abbey fared only a little better.
- Customer loyalty: Nationwide customers are the most loyal. Northern Rock customers are most likely to change lenders with the lowest loyalty score.
Data figures: UK Banks | | Customer Satisfaction Score (out of 100) | | Banks - all customers | 71 | | RBS Group (The Royal Bank of Scotland /NatWest/Ulster Bank) | 71 | | HSBC (includes First Direct) | 71 | | LloydsTSB | 70 | | Barclays (includes Woolwich) | 68 | | HBOS (Bank of Scotland/Halifax/ Intelligent Finance) | 67 | | Abbey Customers (includes Cahoot) | 64 | | All other customers | 79 |
UK Supermarkets | | Customer Satisfaction Score (out of 100) | | Supermarkets - all customers | 72 | | Waitrose | 82 | | Asda | 76 | | Morrison | 74 | | Sainsbury’s | 71 | | Tesco | 71 | | Somerfield | 63 | | All other customers | 72 |
UK Mortgage Lenders | | Customer Satisfaction Score (out of 100) | | Mortgage lenders - all customers | 70 | | Nationwide BS Customers (includes Portman BS) | 77 | | RBS Group Customers (NatWest/The Royal Bank of Scotland) | 72 | | Lloyds TSB Customers (includes Cheltenham and Gloucester) | 71 | | HBOS Customers (Halifax/Bank of Scotland/ Birmingham Midshires) | 68 | | Northern Rock | 68 | | Abbey | 65 | | All other customers | 70 |
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