1 in 4 Brits struggle to get through to the right person from their bank over the phone

by | Dec 18, 2022

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Fluro has surveyed over 2,000 Brits with a bank account to reveal how happy they are with their provider’s services and what areas are most important when choosing a bank. They have also created a ranking of the best banks around the world for customer satisfaction, analysing Trustpilot reviews to reveal which are providing the best service overall. 

You can view the full research here: https://www.fluro.co.uk/blog/the-uk-and-global-customer-service-bank-analysis

Managing our finances has never been more important, and it’s crucial that banks are making their customer experience as easy and efficient as possible. But what are the biggest frustrations people in the UK have with their bank, and what are the key areas they look to when choosing who to trust with their finances?

 

Savings account interest rates and branch availability are the services UK customers are most dissatisfied with

The top five areas UK respondents are most dissatisfied with their bank include:

Service% who are not satisfied
Savings account interest rates47%
Branch availability40%
Additional perks offered (eg. insurance, discounts, etc.)40%
Budgeting and spending support35%
Phone call waiting times35%

Just under half (47%) of survey respondents admit they aren’t satisfied with their bank’s savings account interest rates, making this the number one service that customers are most unhappy with overall.

 

Branch availability came second, with 40% of Brits surveyed saying they aren’t satisfied with the number of branches their bank has to offer. This was followed by additional perks offered (eg. insurance, discounts, etc.) (39.5%), budgeting and spending support (35%) and phone call waiting times (34.5%).

One in 10 Brits have to wait over half an hour to speak with their bank over the phone

The majority of us have experienced slow wait times over the phone, with one in 10 revealing they spend on average over half an hour on hold when calling their bank. Co Op ranked as the worst bank for this, with 14% of customers reporting an average wait of over 30 minutes. With 71% of customers saying their call was answered in under 15 minutes, First Direct was ranked the best bank for call times, followed by Revolut and Starling.

 

With 27% of Brit’s preferring to use the phone to deal with complaints to their bank, it’s pivotal that wait times are addressed in order to maintain customer satisfaction.

As well as long call wait times, rude and unhelpful staff can also put people off contacting their banks over the phone. Fluro asked survey respondents whether they have ever experienced rude staff while calling their bank, revealing that one in 10 customers with NatWest and HSBC have unfortunately encountered this problem. 

Digital banks such as Monzo and Revolut provide the best online customer service 

 

Modern banking relies on easy to use online services, with this coming out as the most important aspect to Brit’s when choosing a bank provider. When it comes to this service, Monzo leads the way for good online customer service with 83% of its customers satisfied with this. Revolut comes in second with 78% of respondents stating they are happy with this. Both banks have over 20% more satisfied respondents than any other provider. 

Digital challenger banks show traditional banks how it’s done in customer experience

The study also looks at Trustpilot reviews data of the world’s biggest traditional and digital banks to see how they compare. All of the top 10 banks for customer satisfaction are digital, and 70% are based in the UK. The best banks according to customer reviews include:

 
RankBankTypeCountry HQTotal TrustPilot reviewsExcellent, Great Reviews (%)Bad, Poor Reviews (%)
1Atom BankDigitalUnited Kingdom8,01594%4%
2MonzoDigitalUnited Kingdom24,06286%12%
3StarlingDigitalUnited Kingdom32,29085%12%
4RevolutDigitalUnited Kingdom119,50085%12%
5AnytimeDigitalFrance5,24682%15%

Atom Bank – an online-only banking provider – ranks as the number one service, with an impressive 94% of all reviews rating it as ‘great’ or ‘excellent’ and only 4% of reviews rating it negatively. Fellow UK digital banks Monzo, Starling and Revolut come in second and third, with 86% and 85% positive reviews respectively.

Meanwhile, traditional banks come bottom of the list for satisfying their customers. 

Nick Harding, CEO of Fluro, commented on the findings: 

 

“Online-only banks are rapidly growing in both number and popularity, and the high demand for quality digital banking services will likely only continue to rise in the coming years. Operating in a purely digital space presents new challenges for customer service and satisfaction, but it’s clear many online banks are working to prioritise this area in order to keep their customers happy. 

“With traditional banks being outperformed by digital banks for customer satisfaction, this confirms the need for financial services to innovate alongside technology and expand their digital services if they wish to attract and retain customers. It may also see the rise of customers turning to fintech companies for services previously provided by their bank.”

You can view the full research here: https://www.fluro.co.uk/blog/the-uk-and-global-customer-service-bank-analysis

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