18 February 2009
Building Societies on top for service, value and trust
Independent research from GfK NOP, published today by the Building Societies Association, shows savers and borrowers with building societies are more satisfied than customers of other financial service providers. In the mortgage market, 74% of customers at building societies are extremely or very satisfied, compared to 63% of customers at other mortgage providers. 67% of savers at building societies are extremely or very satisfied, compared to 53% at other savings providers.
The research also shows that building societies are perceived by their customers as outperforming banks on treating their customers fairly; providing better value for money and being more trusted to give good advice. This part of the research was conducted in October 2008, at the height of the instability in the financial markets.
Commenting on the survey, Andy Golding, Chief Executive of Saffron Building Society said: "This research confirms that Building Societies are on top for service, value and trust. We're hearing from more and more of our customers that they're choosing us over banks; it's satisfying to see evidence that this is an industry-wide trend. It is also extremely pleasing for me that our own satisfaction survey results are better that the research results at over 85% for both savings and mortgages."
For the second year running, this research shows building societies beat the banks in every aspect of customer service; Building Societies pride themselves on offering high levels of service and consistently fair treatment of all customers. As mutuals, we are accountable solely to our members; and our commitment to service and fairness will always come first.
"In an uncertain economy, consumers are looking for good value and a provider that they can trust - this is an area where societies really excel over their plc counterparts. A smaller Society such as Saffron can take the time to engage with the needs of our local community and support them though the financial storms - with good value products and advice which puts their interests first"
Summary of results
- Customer satisfaction
- 74% of building society mortgage customers were extremely or very satisfied, compared to 63% of borrowers with other institutions.
- 67% of savers with building societies were extremely or very satisfied, compared to 53% of savers with other institutions.
- Value for money
- 67% of building society customers consider that their provider offers value for money, compared to 48% of bank customers.
- 32% of bank customers did not agree that their bank offered reasonable value for money, whilst only 10% of building society customers felt the same way.
- Treating Customers Fairly
- 68% of building society customers agreed that societies treat their customers fairly, compared to 55% of bank customers.
- 29% of bank customers disagree that their bank treats them fairly. This compares to just 7% of building society customers.
- Trusted to give good advice
- 58% of building society customers agreed that they would trust their provider to give good advice. This compares to 50% of bank customers who felt the same way.
- 32% of bank customers would not trust their provider to give advice. 14% of building society customers felt this way.
- Safety of deposits
- 69% of building society customers with a savings product felt their money was safe, compared to 64% of bank customers.
- 13% of building society customers who were surveyed did not feel that their money was safe, compared to 24% of bank customers.
