Britons place more importance on the quality of the customer service they get from their bank than on interest rates or charges, a recent report reveals.
A study of 1,000 UK adults revealed that two-thirds (64%) rated high quality customer service ahead of direct financial benefits of good interest rates on their money or low charges (36%).
Round-the-clock access to their money was the most important aspect of customer service, followed by efficiently dealing with basic tasks, and responding speedily to questions.
The greater interest in customer service and its rising importance is highlighted by the fact only 44% of the survey felt that the customer service levels offered by banks were the same.
The findings were uncovered by the Future Foundation think-tank and mobile banking firm Monitise in a report, ‘Banks, Service and Technology’, into technology and the changing nature of customer service.
Barry Clark, report author, comments: ‘People’s lives are now so busy that they are struggling to find the time to control their finances, so are looking for new ways to do so and at any time of day. This means that customer service is increasingly regarded as the most important factor by consumers when rating their bank – and is central to keeping or losing customers.’