In 2018 customer advocacy, will become even more critical for banks as the Competition and Markets Authority’s (CMA) plan to publish service quality metrics for the first times becomes a reality. This as part of their large “Making banks work harder for you” initiative.
Prospective banking customers will be able to easily identify how well banks are performing, and make their choice based on amongst other metrics; Net Promoter Score.
Bright raised eyebrows in autumn 2016 when we published a press release on the banking and insurance sectors scoring highest out of millions of cross-sector surveys.
Challenger banks are further improving in this area, outperforming the number one bank since 1989. On the whole customers are actually quite satisfied with their banks but still many are scoring as low as a 19 point NPS score.
The under performing banks need to put these in place immediately to get the effect (normally a 20-percentage points uplift) needed before Jan 1st 2018.
Bright’s Average client NPS score is around 50 which is higher than average due to clients putting in place measures explained below.
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