There has been one clear message since we launched Smart Money People: many customers do like their financial services providers. In fact, 85% of all customer reviews have an overall rating of between 3-5 stars.
That said, we have decided to drill down into the 15% of all reviews that have an overall rating of 1 or 2 stars. For this post, we are grouping all 1 or 2 star reviews together as providing the voice of ‘unhappy’ customers. See below for our key findings:
Customer review summary
- Looking across three product groups (current accounts, credit cards, and business accounts) we have found that the percentage of unhappy customers ranges from 9% to 23%
- Credit cards proved to be the best performing product, with only 9% of all credit card reviews being awarded a 1 or 2 star overall rating
- The worst performing product was Business accounts, with 23% of all reviews being awarded a 1 or 2 star overall rating
- Customer service / communication issues caused the most dissatisfaction
% of unhappy customers
What made these customers unhappy?
- Customer services issues are, perhaps unsurprisingly, a top reason for unhappy customers. Included in this grouping are reviews which focused on communication issues, for example, the difficulty of engaging over Twitter
- A close second, was convenience. Examples include the time to open a new account or difficulty in accessing account benefits such as travel insurance
- Many reviews also pointed to product features such as high interest rates, or monthly account fees that didn’t seem to provide value for money
Do you want to read some of our reviews?
The data cited in this post comes from customer reviews submitted on the Smart Money People platform 01/10/2014 – 30/01/2015. By writing a review with us, customers can help to increase trust and transparency in the Financial Services industry. You can help us by writing your review now!