Yesterday, when doing some much needed filing, I realised I only like one of the services my current bank provides for me: the pre-punched holes in my bank statements. Other than that, Lloyds TSB have been appalling bad with their service.
This is not an uncommon story with high street banks such as Lloyds. A 2008 study into UK consumer satisfaction with banks found that credit unions and co-operatives scored better with consumers than did the large retail banks (JD Power, 2008). Perhaps this is because personal customer service seems to be a key selling point of the smaller organisations. What Lloyds, and all of the other high street banks need to realise is that good customer service is the key to their business, especially if we are to believe that more people will tell of a bad experience than they will of a good one (Howcroft, 1991)*. Read the rest of this entry »