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Research from Institute of Customer Service (ICS) shows that 36 per cent of customers banking with providers which have above average customer satisfaction rates are likely to offer a recommendation to their friends. This number falls to 23 per cent for those with below average satisfaction.  

The study also ranks which banks enjoy the highest satisfaction rates and therefore the highest likelihood of finding new business via world of mouth. First Direct leads the way, with a score of 89 out of 100, followed by The Co-Operative Bank, Yorkshire Bank and Nationwide.  

 

HSBC is the highest placed ‘big bank’ with a score of 81.2 per cent - a position that may be shortlived given the recent scandals that continue to surround it.

 

Jo Causon, chief executive of the ICS, says that banks failing to ‘heed the warning’ as distrust of financial institutions grows would soon suffer customer churn. “Those banks that have put the customer at the heart of their business will reap the benefits, as evidenced by their customers’ enthusiasm to recommend their services.”

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