Customer satisfaction findings in a new Which? report on the best and worst financial brands demonstrate that the different approach taken by mutual financial services providers, including building societies is valued by consumers.
Of the top 10 financial brands, three are building societies and two others are also mutuals. Collectively these five had scores ranging from 64-70%, well above the average.
These results mirror independent research commissioned by the Building Societies Association (BSA) which also showed that mutually owned providers tend to score better than other financial institutions when ranked on factors such as trust, value for money and consumer recommendation.
Adrian Coles, director-general of the BSA, said: “It is encouraging to see from the research by Which? that the mutual difference, far from being an ownership technicality, is being positively experienced by the UK public on a daily basis.
“Mutuals aim high in their approach to customer service and work hard to achieve it, a fact supported by the FCA complaint data which saw just 4% of complaints about a mutual.
“Which? highlighted the words of one respondent which sums up the mutual approach – They behave like normal people, so you can talk to them the way you would normally talk to anyone – good service isn’t rocket science.”
