Mutuals have consistently outperformed banks across various aspects of customer service, including treating customers fairly, value for money and being trusted to give good advice, according to independent research from GfK NOP, published by the Building Societies Association (BSA).
The research shows savers and borrowers with mutual financial providers are more satisfied than customers of other financial providers. 70% of mutual mortgage customers were extremely or very satisfied, compared to 63% of borrowers with other institutions. 59% of savers with mutuals were extremely or very satisfied, compared to 47% of savers with other institutions.
59% of mutual customers consider that their provider offers value for money, compared to 40% of bank customers. 40% of bank customers did not agree that their bank offered reasonable value for money, whilst only 14% of mutual customers felt the same way.
63% of mutual customers agreed that their provider treats their customers fairly, compared to 47% of bank customers. 33% of bank customers disagree that their bank treats them fairly. This compares to just 10% of mutual customers.
59% of mutual customers agreed that they would trust their provider to give good advice. This compares to 47% of bank customers who felt the same way. 33% of bank customers would not trust their provider to give advice. Only 13% of mutual customers felt this way.
46% of borrowers from a mutual institutions felt their provider would be supportive if they got into financial difficulty. This compares to 41% of bank borrowers. 32% of bank customers did not agree that their provider would be supportive compared to just 18% of mutuals’ customers.
Customers were also asked their opinions on eleven separate aspects of service, and mutual institutions out-scored their plc counterparts in every area, some by very significant margins.
Adrian Coles , BSA director general, said: “Mutual organisations have continued to deliver better levels of service to their customers than their plc rivals
