These aren't vanity metrics, the model looked in depth at the reasons people plan to re-purchase from, or recommend a brand to a friend, they are concrete factors that have a real effect on company performance.
London, UK (PRWEB UK) 5 December 2012
The repeated scandals to hit UK banks are taking their toll on customer loyalty according to a new report out today.
Of the 7,000 people questioned in the report almost one in five cited the integrity of the organisation as a key factor in deciding their likelihood both of remaining loyal to their bank and in recommending it to others.
This trend was supported by the report's top 100 brand listings with many traditional high-street banks either falling down the rankings or dropping out of the top 100 entirely. In the place of the main high street brands there came a number of non-traditional banks such as the online and telephone bank first direct and the Nationwide building society. Respondents showed a marked increase in the scores given to these organisations when it came to questions around integrity with those brands that made the top 100 scoring on average 13% higher than those that did not.
David Conway, director, Nunwood and author of the report: "Whilst the integrity wasn't the biggest factor in driving loyalty, it was the area where there was the biggest difference between those companies that made the top 100 and those that didn't.
"The data shows the importance of ethical practice, sustainability and CSR when it comes to the bottom line. These aren't vanity metrics, the model looked in depth at the reasons people plan to re-purchase from, or recommend a brand to a friend, they are concrete factors that have a real effect on company performance."
Mark Mullen, CEO of first direct, the highest ranked financial services organisation:
"first direct was created for one reason; to change the face of banking by offering great service to its customers. We remain the only bank to have been built around this principle. Our customers have always made it clear that they demand integrity from us and in return for our efforts to make them our number one priority they have rewarded us by making us the most recommended bank in the UK."
FS brands within the top 100
First Direct (3rd overall), Co-Operative bank (7th =), Green Flag (7th =), Smile (12th), American Express (34th), RAC (38th), Nationwide (52nd), Sainsbury's bank (62nd), Yorkshire Building Society (62nd), Post Office (81st =), Tesco Bank (81st =), AA (99th).
About the UKCEE report:
First released in 2010, this year's report is based on more than 40,000 pieces of customer verbatim across 330 brands collected during September 2012. The verbatim is then analysed by the team at Nunwood and measured around six 'pillars' of customer experience excellence; Personalisation, Time and Effort, Expectations, Integrity, Resolution and Empathy. These metrics are then weighted based on their relative importance in driving customer loyalty and recommendation before being combined to create an overall performance score. It is this performance score that is used to create the top 100 list.