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FCA proposals to help customers compare bank service levels only scratch the surface PDF Print E-mail
Tuesday, 01 August 2017
This week, the FCA released a proposal to help consumers compare levels of service between different bank branches, which includes a set of metrics – such as waiting times and number of ATMs available – to be used in assessing service.  

Graham Lloyd, Director and Industry Principal of Financial Services at Pegasystems, comments on the metrics and suggests “It might be better to look at actual manifestations of happiness or unhappiness. The tempting, easy examples are things like number of accounts switched or levels of attrition. But with these, it may be hard to filter out factors like lethargy of the “I hate my bank but it feels too hard to switch” kind.

“A better measure might be share of wallet i.e. what percentage of my total financial business I give to Bank X. If we could understand the reasons behind this figure, the value of the remaining business might encourage a bank to change. There are some factors that banks have little control over – a customer may want a back-up card, for example. But knowing the rationale behind customer behaviour would help banks to focus their attention in the right places, which should eventually benefit consumers far more than some sort of wall of shame that lists banks in order of quality of service.

“Some might argue that gathering richer comparative data will drain banks of valuable time and resources. However, banks don’t have to rely on armies of clerks or vast data repositories to understand their customers better. AI for CRM has matured to a level where it can do those searches and analysis with speed and assurance and then, more importantly, learn to recognise patterns and have the propensity to act.”

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