Four Big Banks Not Providing Value and Service to Customers
April 11, 2008
There are specific standards that banks must adhere to when dealing with the service and value they provide to their customers. According to recent industry reports, the Big Four are enjoying huge annual profits, but are not living up to the required standards with regard to providing service and value to their customers. Barclay’s, Lloyds TSB, NatWest, and HSBC are the biggest banks in the UK and are not rated as the “best buy” in good service or the best value for the money they provide for their customers.
The consumer campaign group Which? stated that some of the smaller rival banks were providing much better service for their customers than the Big Four. Customers deserved and wanted much better service, which they were not receiving. In addition, this campaign group stated that the big banks were charging customers higher borrowing rates and paying lower interest rates on savings accounts, which translates into a raw deal for customers. Considering that these banks are making huge profits, Which? claimed that this is evidence of poor service and value.
According to a representative of Which? ‘Some of the biggest banks on the high street get poor ratings while new providers get great reviews. If you’re still with one of the big four high street banks, now’s the time to move. Internet and telephone banks seem to treat their customers better and you can get much higher interest too.’ He also stated ‘The big four offer a derisory 0.1% interest on most of their current accounts when you are in credit and they get poor overall satisfaction ratings from our customers.’
First Direct, Intelligent Finance, Smile and Cahoot were four of the smaller banks that rated well in terms of providing good customer service and value for the money. On the other hand, the campaign group gave the Big Four a two star rating on those came qualities of service and customer satisfaction.
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