Monthly financial services review data update: January

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

In a nutshell:

• Strong overall performance with average ratings and NPS up
• Customer service and value for money ratings both improve
• Loans, current/savings accounts and mortgages all perform strongly
• Insurance lags with the lowest ratings and NPS, suggesting room for improvement
• Drop in product understanding suggests need for clearer communication

Summary of results:

January saw a strong start to the year for customer satisfaction in financial services. The overall average rating across all industries increased to 4.88/5 (compared to 4.57/5 in December), while NPS was up by 15.8 points to +89.4. Customer service and value for money also improved, alongside a 4.1%-point rise in customers feeling fairly treated (93.8%). However, product understanding dipped by 3.5%-points to 92.7%.

Looking at selected product data, loans stood out with an impressive 4.96/5 overall rating and an NPS of +95.7, showing high satisfaction levels. Current accounts and savings accounts also performed very strongly. Mortgages achieved solid results, scoring 4.80/5 overall, although their perceived value for money (4.51/5) was lower than other products.

Insurance had the weakest scores across key metrics, with an average rating of 3.81/5 and NPS of +35.1. Only 67.9% of customers felt fairly treated, indicating a gap in customer satisfaction compared to other financial products. 

Overall, while the financial services industry is performing well, offering value for money and ensuring financial products are clearly understood should be a key focus going forward.

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January's review data: