Customers remain satisfied with the financial services they receive despite the recession, says the Institute of Consumer Service (ICS).

A major UK survey, which takes place once every six months, has shown that customer satisfaction is improving within the banking and insurance sectors, with the economic turmoil possibly contributing to this. The banking sector saw a rise in customer satisfaction, and ICS says this shows they rate service as they see and receive it, rather than as a reflection of media coverage.

The online poll showed that finance (insurers) remains a high ranking sector with a score of 75 out of 100. Finance (banks) scored 74.

The top ranking insurer was Saga with 85, followed by Tesco Personal Finance and Churchill with 79. First Direct was named top bank with 81.

"The financial pressures and media reaction to the economic downturn will surely have put pressure on financial institutions to look after their customers better than ever," commented Robert Crawford, ICS executive director.

"This rise in customer satisfaction shows that companies are getting serious about service - as they must be - and are taking steps to improve. But it's vital that companies realise it's more important than ever now to maintain loyalty and handle complaints efficiently. The financial sector has managed to keep up their service levels but there is still room for improvement," he added.

The average cross all sectors increased to 72 from 71 at the last poll in July 2008. The poll questioned 24,000 people about how well companies and organisations performed in key areas such as complaint handling, professionalism, quality and competence and friendliness of staff."

- Pensions Age January 2009

Share Story: