Written by Jake Sandford, Smart Money People
May brought a slight cooling in customer sentiment across the UK’s financial services sector. While the figures remain strong overall, the subtle shifts offer valuable insights for IFAs, insurers, and product providers alike. For companies navigating a competitive marketplace, these trends reinforce the vital importance of consistency, transparency, and trust.
Softening sentiment: the numbers behind the mood
Smart Money People’s latest sentiment data reveals that overall customer satisfaction saw a modest dip in May. The average rating across reviews dropped from 4.95 to 4.89 out of 5, while Net Promoter Score (NPS) eased by 4.1 points to +90.0.
The most significant movement was in customer service, which declined by 0.17 points to 4.70. Value for money also slipped slightly to 4.73, and sentiment around fairness (95.39%) and product understanding (94.0%) edged down from their recent peaks.
While these shifts are marginal, they serve as a reminder that even high-performing sectors must continuously nurture customer relationships. The trust customers place in financial services companies is hard-earned — and easily lost when expectations aren’t met consistently.
Bright spots: financial support services lead the way
Despite the overall dip, financial support services — including debt advice, budgeting tools, and related solutions — emerged as standout performers. These services scored an impressive 4.94/5 on average, with an NPS of +95.9 and high marks across fairness and service categories.
Loans and savings accounts also continued to receive strong sentiment, reflecting well on providers’ efforts to deliver accessible and easy-to-understand products in this space. These areas seem to benefit from clear communication, responsive customer support, and an emphasis on customer-centricity.
Sector spotlight: insurance still under pressure
One sector that continues to trail behind is insurance, particularly general insurance products. These received an average rating of just 4.09/5 and an NPS of +46.3 — well below the cross-sector averages. Persistent challenges around clarity, claims handling, and perceived fairness appear to weigh down customer sentiment here.
However, travel insurance offered a glimmer of optimism, showing notably stronger results than its peers in the insurance sector. This improvement is likely seasonal — bolstered by summer holiday planning and a more straightforward product experience — but it demonstrates the value of aligning product timing and messaging with customer needs.
Final thoughts
May’s small dip might not be a big concern. But it shows that companies can’t afford to get too comfortable. This month’s top performers stood out by being clear and fair, key ingredients for building trust in an industry where that’s often hard to find.
For IFAs and product providers, the message is clear. As consumer expectations evolve, consistent delivery of value, service, and transparency must be non-negotiable. Trust remains the key to long-term success in financial services — and those who invest in building it will reap the rewards.
