Customer Hassles and Delights

Issue 1: The Value of Good Customer Experience

The management teams of most UK retail banks are putting significant attention on “customer experience”.

This has gone well beyond lip-service. Banks have major programs of investment in customer experience improvements that are currently live. They are adjusting staff incentives, organization structures and management roles to make customer satisfaction more paramount. These changes had better deliver, or an overwhelming amount of time, energy and budget will have been wasted.

We have conducted a detailed survey of 4000 UK banking customers to test the level and nature of satisfaction with their banking experiences. In particular, we asked customers to rate a wide range of experience elements as ‘hassles’ or ‘delights’ (or neither) and collected information on behavior driving value (relationship deepening or attrition). This is the first of a series of reports that will analyze the results of the survey and the implications for bank management teams. We focus here on analyzing the tangible impacts that can be put on the different elements of customer experience, particularly around current accounts and how banks are performing today.

Customer Hassles and Delights