Published on 21st December 2014

2014 Banking Review Wrap-up

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Since we launched in October, it’s been pretty busy here at  SmartMoneyPeople.

Your reviews have been rolling in…and we’ve learnt a few things along the way! We’ve rounded up some of the key things we’ve learnt:

5 things your bank reviews have taught us

1. Overall, customers do (mostly) like their banks…and would consider recommending them!

We ask our reviewers if they would recommend their bank to a friend or family member. The result? Well, across all banks the rating is 7.3 which means that most customers might recommend their bank!

The most recommended big bank currently has a rating of 7.7, while the least recommended has a rating of 6.6. Clearly customers can see a level of difference!

That’s why we have launched the British Bank Awards. We want your customer reviews to help increase trust and transparency in financial services. They’ll also show who the best overall banks are! Find out more and leave a review now: www.britishbankawards.co.uk

2. One line responses don’t help too much…

Customers sometimes need help. When they do, they expect to access it efficiently…and expect it to be helpful! This one review shows how not to respond to a customer wanting help!

3. Good customer service can turn things around!

Customers know that things can, and do go wrong. Actually they expect it once in a while! The key is to turn around a bad customer experience and make the customer love you even more. See how Lloyds bank did it below:

4. You can negotiate with your bank or credit card company

Financial Services companies can be quite big. Sometimes that makes them quite hard to navigate. This review proves that you can negotiate with them…successfully!

5. Banking can be a difficult balancing act

There are some basic things that we all expect from our banks. For example, we want the ability to make payments using our current accounts. We also expect a strong level of security. We’ve noticed quite a few reviews commenting on overcautious security precautions. As this review proves, this can be a balancing act:

Our mission

SmartMoneyPeople is a customer experience and engagement platform focused solely on Financial Services.

Customer reviews help to increase trust and transparency. This is the mission that we’ll carry into 2015. Thank you for joining us in 2014…we’re looking forward to an even busier New Year!

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