First Direct have come top of the JD Power 2011 UK retail banking satisfaction survey.
Despite an environment of cynicism toward banks, overall satisfaction with retail banks in the UK has increased from 2010.
The study measures customer satisfaction with banks in the UK based on six factors that drive overall satisfaction: problem resolution; account activities; fees; product offerings; account information; and branch facility.
Overall satisfaction among retail banking customers averages 698 on a 1,000-point scale, up from 683 in 2010. A considerable increase in satisfaction with the branch facility factor has helped drive this improvement. However, satisfaction remains relatively low in three key factors: fees, product offerings and problem resolution.
It’s also worth noting that First Direct doesn’t actually have any branches (being internet and telephone based), but does utilise the branches of its parent company, HSBC.
The study finds that problems with poor customer service, fees and service charges have a substantial negative impact on overall satisfaction. In addition, customers who experience a problem are considerably more likely to indicate that their fee structure has changed in the past year (30%, compared with 14% of customers who did not have a problem).
According to the 3,900 customers surveyed, the top 3 banks were: