14 September 2007
Nationwide is the best bank in the UK for customer satisfaction, a new report claims.
In a study measuring customer satisfaction for the 12 biggest high street banks, Nationwide received 741 points out of a 1,000 point scale which looked at transactions, account and product offerings, fees, account statements, problem resolution and convenience.
Indeed, the JD Power and Associates 2007 UK Retail Banking Customer Satisfaction Study found that Nationwide's total was nearly 100 points higher than the overall customer satisfaction of 651 points.
The Royal Bank of Scotland came next in line in the poll with 689, while Alliance & Leicester (667), HSBC (660) and NatWest and Halifax (both with 659 points) followed on behind.
Commenting further on the research, Caspar Tearle, Director of Service Industries research JD Power said: "Despite growing public scrutiny of banks for overcharging practices and account fees, it's interesting to note that nearly 75% of customers would still recommend their bank to others, and that 45% of these customers have recommended their bank in the past 12 months.
"However, even though recommendation levels seem high, banking institutions should still take heed, as one in seven customers report they 'definitely will' or 'probably will' switch their financial institution in the coming year," he added.
Abbey (591), Barclays (605) and Clydesdale Bank (606) were the poorest performers in terms of customer satisfaction, the report said.
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