Banks need to listen and engage

More than 600,000 people have switched their current account provider in the six months since seven day switching came into force. The 609,300 switches in the six months to the end of March represents an increase of 14% on the same period a year ago, writes Claire Richardson

More than 600,000 people have switched their current account provider in the six months since seven day switching came into force. The 609,300 switches in the six months to the end of March represents an increase of 14% on the same period a year ago, writes Claire Richardson

With account switching on the rise, banks need to do all they can to keep their customers and make sure they are happy. But this is easier said than done. We recently found that 55% of UK customers have never made a complaint to their bank in the last three years, so uncovering issues and solving them is a difficult process.

We also found that banks are reluctant to reward customers – just 3% have received vouchers or rewards as a ‘thank you’.

To prevent more customers from jumping ship, banks need to do all they can to listen to the voice of their customers, engage and unify the entire customer service process across all channels. Given that 18% of customers will tell friends and family if they have a positive experience with their bank, there is a good money making opportunity here to incentivise recommendations and conversations. Above all, banks must encourage customers to be more vocal, act on what they say and specifically communicate this to them, while offer rewards when they are due. This will create a loyal customer base and one which will recommend services to others – activity which will directly impact the bottom line."