Monthly financial services review data update: March

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

In a nutshell:

• Ratings hold steady with high performance overall
• NPS falls by 0.7-points to +89.8
• Investments, financial support services and savings accounts perform strongly
• Insurance continues to lag behind the wider financial services industry
• Perceived fairness and customer understanding dipped overall

Summary of results:

March saw overall satisfaction remain at 4.90/5, continuing the strong start to the year for financial services. However, most other metrics slightly dipped, including NPS (down 0.7-points to +89.8), perceived fairness (down 0.31%-points to 95.30%), and product understanding (down 0.1%-points to 94.23%). Customer service (4.70/5) and value for money (4.73/5) were virtually unchanged, down just 0.01%-point each.

Among selected products, investments stood out as the strongest overall performer, with a 4.92/5 rating, +92.5 NPS, and solid results across all key areas. Financial support services (e.g. debt management/advice) and savings accounts also performed strongly.

Meanwhile, insurance continues to lag behind the wider industry, with the lowest ratings across all core metrics, particularly perceived fairness (74.29%) and value for money (3.91/5). 

Overall, March reflects continued customer confidence, but the small decreases suggest companies can’t afford to be complacent, particularly when it comes to making sure customers feel they're being fairly treated and understand product details.