Written by Jake Sandford, Head of Data and Analytics at Smart Money People
As we reflect on the March findings from Smart Money People’s latest financial services review data, one thing is clear: the sector continues to perform strongly in the eyes of its customers. Yet, beneath the surface there’s a warning for providers who may mistake consistency for complacency.
Customer satisfaction remains strong
Overall satisfaction across financial services held firm at an impressive 4.90 out of 5 –continuing the positive momentum we’ve seen since the start of 2025. Both customer service (4.70 out of 5) and value for money (4.73 out of 5) held steady with only negligible dips of 0.01%-points. On paper, these are signs of an industry in good health.
A closer look reveals subtle shifts
But a closer look at the numbers reveals a more nuanced picture. Net Promoter Score (NPS), considered the gold standard of customer loyalty, dropped modestly by 0.7-points to +89.8. Similarly, perceived fairness declined by 0.31%-points to 95.30%, and customer understanding of products dipped to 94.23%, down by 0.1%-points.
While these movements might seem minor in isolation, they represent important signals from consumers – subtle signs that expectations are rising, and that maintaining trust is an ongoing task.
Deep diving into the product categories
Investments emerged as the standout product category this month. Scoring 4.92 out of 5, with an NPS of +92.5, the sector showed robust performance across all major customer experience dimensions. Financial support services – such as debt advice and management – and savings accounts also demonstrated resilience, reflecting the continued importance of stability and transparency in uncertain times.
These categories share a common theme – they appear to align with what customers need. Whether it’s the reassurance of accessible support services or the clarity provided by savings products, consumers reward offerings that feel relevant and empowering.
Meanwhile, insurance continues to lag behind the broader financial services industry. It recorded the lowest scores across every core metric we track, including a worrying 74.29% for perceived fairness and just 3.91 out of 5 for value for money.
These are not just empty statistics. The low figures point to deeper issues such as unclear pricing, complex terms, and slow claims processes. Compared to other products, insurance is clearly struggling to meet evolving consumer expectations around clarity, fairness, and service.
Final thoughts
Overall, March’s data shows that the financial services industry cannot afford to become complacent. Even small drops in how fair or understandable things seem show that customers are becoming more critical – and that their loyalty depends on ongoing transparency and trust.
For IFAs and other financial professionals, the message is clear: while many areas of the sector are thriving, now is the time to double down on clear communication, simple product structures, and empathetic support.
Trust is hard to win back once it’s lost – but when built over time, it becomes a company’s greatest asset.
