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Banking & Credit Card Survey 2009
Our 2009 Banking and Credit Card Survey results are now available to view. A summary of the key findings are included below, and the full report is available here.
This was the fist time we asked your opinion since the banking crisis hit the headlines and the UK officially entered into recession. Your feedback is as important to us as ever though. By taking part, you help us to build one of the biggest pictures of how lenders in the UK compare - using feedback from real people and real customers.
- 2009 Survey
- Historic surveys
Summary
For the first time in 5 years, overall customer service levels from banks fell – with the proportion of respondents rating their bank as ‘Excellent’ or ‘Very Good’ falling from a peak of 62.3% last year to 55.3% in 2009.
Still First Direct continued its dominance as the top rated bank for the third year running, with a colossal 91.5% (up from 90.0% in 2008) of people rating its customer service as Excellent or Very Good. Nationwide also emerged with good overall ratings, improving by one place on last year’s showing. Abbey slipped down the list, from 7th to 10th place amongst the ‘top 10’ banks.
Despite the wide range in ratings, long-term customer loyalty is still apparent. 55% of respondents had been with their current bank for over 11 years, and when asked why they remained loyal, one in three people said it was simply that they “had always banked with them”.
The fall in customer service levels amongst banks was replicated amongst credit card providers, with overall ratings dropping from 63.1% (Excellent or Very Good) in 2008 to 55.7% this year. Whilst not to everyone’s taste, American Express customers gave the card issuer top ratings for the second year running, and First Direct (again) and Tesco fared very well. The same can’t be said of Barclaycard, who were left once again with the smallest proportion of respondents ranking their customer service as ‘Excellent’.
The number of people who bore a grudge to such an extent that they would never recommend a particular lender grew to 41% (from 32.6%), whilst the survey also revealed that the vast majority of people have been affected in some way by the recession. Optimism that it will end within 12 months was not forthcoming , with 2 in 3 people believing it will last longer.
Examination of detailed comments received within the survey revealed low consumer confidence in the recession ending soon, and general resentment towards banks and the suggestion of further bonuses being paid to under-performing staff.
