Financial providers 'fall short on customer service'

Thursday, 11 December 2003 11:12 AM

Nearly half of all consumers - 43% - who have dealt with a financial services provider claim to have received poor service, according to the least research from Datamonitor, while twice that proportion said they did not feel valued as customers.

The survey also shows that although a small minority of people were prepared to pay for better treatment, around half thought that good service should be part of standard practice.

Report author Gunter Seymus commented: "This does not paint a very positive picture in terms of current service levels among financial services companies.'

But he stressed that improving standards offered a golden business opportunity for those financial institutions that were prepared to offer that little bit extra in terms of customer care.

And analysts have noted that providers should take note, because although the financial services sector is still booming, some punters are now voting with their feet and are turning to investment options outside the industry, such as property.

Datamonitor has also highlighted the need for better communication between companies and consumers. Many respondents complained of excessive jargon and a lack of transparency in the current provision, with 60% of white-collar workers stating that they might be prepared to buy more financial products if they were less complicated.

Tags: