Annual Surveys
Summary of Survey Results 2011
This year's survey reveals a significant - if somewhat unexpected - improvement in the overall level of customer service provided by both banks and credit card lenders. The number of respondents rating the service they receive from their bank as 'poor', or as 'not as good as it should be', decreased from 22% to just 7%, and the number voting bank customer service as 'very good' increased by 10%.
Average customer service ratings for credit card providers followed a similar pattern.
First Direct has been rated by respondents to the survey as the top bank for customer service yet again. Despite a relatively small market share, First Direct also managed to top the credit card ratings. Santander was rated as the worst bank for customer service.
If the experience of our respondents is reflective of the wider public, getting credit is getting easier. 21% of respondents said that they had attempted to switch banks or get a new credit card in the last 12 months and 68% were accepted - up almost 10% on 2010.
Cashback proved to be the most popular credit card feature this year. Good customer service is given as the most important consideration when choosing a bank account. Capital One saw a notable improvement in its customer service ratings compared to last year's survey, up 7 places in the table from 10th position to 3rd.
Fewer respondents feel so bitterly about a bank or credit card provider than in previous years. 32% of people surveyed said they would never recommend a particular lender to a friend, compared to 45% a year ago. Of those who said they did bear a grudge strong enough to never recommend a particular lender, one in five singled out Santander for criticism.
Survey respondents gave an improved view of the state of their finances compared to a year ago. Almost 40% said that their financial fortunes were much the same, but an encouraging 32% said that they were in a better position than they were 12 months ago. 23% said they were worse off.