First Direct tops the charts for customer experience

First Direct tops the charts for customer experience

First Direct and Nationwide top the UK’s first retail banking customer experience (CX) index, created by data analysis and consulting firm Kantar

With challenger banks on their tail and Big Tech companies setting the bar high for great customer experience, incumbent banks are facing a race against time to improve their digital offering to consumers.

Kantar's report, crafted from a survey of over 8000 retail banking customers, shows how banks can narrow that gap in order to achieve greater levels of satisfaction, loyalty and profitability.

With CX+ scores of 134 and 119 respectively (100 being the average score), the two leading banks have a significant lead over the other eight incumbents in the ranking. Barclays (100) is positioned in third, followed by The Co-Operative Bank (97) in fourth and HSBC (97) in fifth place. TSB, which recently pledged an additional £120 million in spending to boost its digital offerings, picked up the wooden spoon with a CX score of just 93.

Amy Cashman, CO-CEO, insights civision, Kantar says: “In many ways the importance of experience now dwarfs everything else. With challenger banks and out-of-category brands, such as Amazon, re-defining what great experience looks like, established banks ignore the signs at their peril. Many traditional banks say that they want people to be better off but our CX+ leaders and disruptive fintechs are winning the battle for attention because they are taking purposeful action to ensure they consistently do things that aim to improve customers’ lives and allow them to feel more in control of their finances.”

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