Monthly financial services review data update: February

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By Jake Sandford, Head of Data & Analytics, Smart Money People

In a nutshell:

• Strong overall performance with average ratings and NPS up again
• Customer service and value for money ratings both improve
• Loans and savings accounts achieve notably high scores
• Insurance continues to lag the wider financial services industry
• Vehicle insurance performs particularly poorly

Summary of results:

February continued the overall positive trend for financial services, with average ratings rising to 4.90/5 and NPS climbing to +90.5, both small but meaningful increases from January. 

Overall customer service (4.71/5) and value for money (4.74/5) also increased, while perceived fairness improved notably to 95.6%, reflecting growing confidence across the industry. Product understanding also recovered from last month (up 1.6-points to 94.3%) but remains below the levels seen in December.

Looking at selected product data, savings accounts (4.92/5) and loans (4.94/5) continue to shine, with strong NPS and high fairness perceptions. Having said that, the perceived value for money for loans was down from last month. With ISA deadlines approaching, it will be interesting to see whether the positive sentiment around savings products continue to hold up.

Insurance continues to underperform, with an average rating of 4.04/5 and NPS of +46.3 — significantly below the wider average. One of the standout issues lies with vehicle insurance, which saw extremely low satisfaction (1.7/5) and an NPS of -71.4, potentially linked to frustrations during the car insurance renewal season. 

February's review data: