More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research.
Regulatory and complaints handling specialist Huntswood has published its Complaints Outlook 2019 which focuses on complaints handling performance across the UK.
The research included responses from more than 5,500 consumers and business leaders.
Other highlights from the research included:
- 60% of financial services firms believed their customers were satisfied with the way complaints were being handled, while only 22% of customers reported that they were satisfied
- 71% of customers said they were dissatisfied with the empathy of the staff member they interacted with, while 70% were dissatisfied with the knowledge of the staff member they interacted with
- 43% of firms believed they were resolving complaints at the first point of contact, whereas only 20% of customers claimed that their complaint was resolved immediately
“Firms are increasingly recognising the value that can be derived from the complaints journey,” said Paul Scott, chief commercial officer at Huntswood.
“However, despite this, our research shows that there are discrepancies between how financial services companies believe they are handling complaints and the actual reality for customers.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Metro Bank reduces BTL fixed rates
Metro Bank has announced it is cutting its fixed buy-to-let (BTL) interest rates by 0.2% for borrowers up to 70% LTV...
Metro Bank CEO to step down
Metro Bank has announced that Craig Donaldson (pictured above) — the bank’s CEO since 2009 — will step down at the end of the year...
Zopa Group announces £140m fundraise
Zopa has announced that it has raised £140m by signing its largest funding round to date...
PCF Bank targets £750m lending portfolio by September 2022
PCF Bank has revealed that it is aiming to achieve a £750m lending portfolio by September 2022...
Bank Leumi UK appoints Stephen Welch as senior relationship manager
Bank Leumi UK has announced the appointment of Stephen Welch (pictured above) to the hotel finance team as the new senior relationship manager...
Cambridge & Counties appoints relationship manager
Cambridge & Counties Bank has named Andrew Arnold as a relationship manager in its Cardiff-based property finance team...
Aldermore expands regional specialist finance team
Aldermore has strengthened its regional specialist finance presence with the appointments of Justin Nel (pictured above), as regional sales manager for the South East, and Jordan Bond, as regional sales manager for the South West...
An interview with Anand Subbaraman: Big tech companies edging into financial services will ‘take a chunk’ of the banking industry
In an interview with Specialist Banking, Anand Subbaraman, general manager of digital and retail banking products at Finastra (pictured above), discusses regulators’ attitude to cloud banking, and the prospect of challenger banks holding monopolistic power in the sector...
Recognise Financial Services makes two senior hires to executive team
Recognise Financial Services has appointed David Jenkins, as chief financial officer (pictured above), and Patrick Ferguson, as chief risk officer, to its executive team...
TSB sets out new growth strategy and puts focus on customers and competitiveness
TSB has unveiled a new growth strategy as it aims to focus on better serving customers and improving competitiveness...
nCino aims to partner with an additional ‘dozen’ European banks by end of January
nCino has revealed plans to partner with around a “dozen” European banks by the end of January as it puts a “concentrated focus” on larger banking markets in the continent...