Mutuals retain customer service crown

4 May 2010

Mutuals (like Monmouthshire Building Society) have consistently outperformed plc banks across various aspects of customer service, including treating customers fairly, value for money and being trusted to give good advice. These are the findings of independent research from GfK NOP, published today by the Building Societies Association (BSA).

The research shows savers and borrowers with mutual financial providers are more satisfied than customers of other financial providers. 70% of mutual mortgage customers were extremely or very satisfied, compared to 63% of borrowers with other institutions. 59% of savers with mutuals were extremely or very satisfied, compared to 47% of savers with other institutions.

Customers were also asked their opinions on eleven separate aspects of service, and mutual institutions out-scored their plc counterparts in every area, some by very significant margins.

Commenting on the survey, Adrian Coles, BSA Director-General, said: “Mutual organisations have continued to deliver better levels of service to their customers than their plc rivals, a fact that has been corroborated again by independent research. The last few years have been some of the most turbulent for financial firms, so it’s great to see mutual organisations flying the customer service flag with such consistency.

“Providing a high level of customer service is inherent to the mutual model - the institution’s core purpose is to serve its owners, who are also its customers. This contrasts with institutions that are owned by external shareholders.”

Summary of results

Customer satisfaction

  • 70% of mutual mortgage customers were extremely or very satisfied, compared to 63% of borrowers with other institutions.
  • 59% of savers with mutuals were extremely or very satisfied, compared to 47% of savers with other institutions.

Value for money

  • 59% of mutual customers consider that their provider offers value for money, compared to 40% of bank customers.
  • 40% of bank customers did not agree that their bank offered reasonable value for money, whilst only 14% of mutual customers felt the same way.

Treating Customers Fairly

  • 63% of mutual customers agreed that their provider treats their customers fairly, compared to 47% of bank customers. 
  • 33% of bank customers disagree that their bank treats them fairly. This compares to just 10% of mutual customers.

Trusted to give good advice

  • 59% of mutual customers agreed that they would trust their provider to give good advice. This compares to 47% of bank customers who felt the same way.
  • 33% of bank customers would not trust their provider to give advice. Only 13% of mutual customers felt this way.

Support in financial difficulties

  • 46% of borrowers from a mutual institutions felt their provider would be supportive if they got into financial difficulty. This compares to 41% of bank borrowers.
  • 32% of bank customers did not agree that their provider would be supportive compared to just 18% of mutuals’ customers.

To view a copy of the research click here

« back to list

 
 


Privacy & Cookies

We use cookies on this website to help make your experience of this website better. In compliance with changes to EU cookie legislation, and to control and remove cookies, please view our Privacy & Cookie policy. Please note, by continuing on this site you are agreeing for cookies to be placed on your computer.

I accept

This notice should only appear the first time you visit the site.