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Media centre /
Press releaseSURVEY OF HIGH STREET FINANCIAL PROVIDERS FINDS MAJOR DIFFERENCES IN CUSTOMER ENQUIRY SERVICES04 August 2003Enquiry centres use confusing array of phone numbers, lack of 24 hour availability and predominance of automated systems * * * PHOTOGRAPHY AVAILABLE * * * As peoples' lives become ever busier, the need to get information quickly and conveniently from financial providers has become increasingly important, as has the desire for efficient, high quality customer service. But a mystery shopper survey conducted by National Savings and Investments (NS&I) - results below - has found that few of the major high street banks and building societies provide a convenient 24 hour telephone general enquiry service where just one number is required for new and existing customers to get information. Survey results The mystery shop survey and analysis of providers' websites showed:
And financial providers will lose customers if they do not address the issue of improving their telephone enquiries services, according to one psychologist. Donna Dawson has analysed people's experience of customer enquiry lines and consumer telephone expectations, and says: "Research shows time and again that customers want the reassurance of a human voice at the end of a phone line to answer their individual queries. "People do not trust automated messages to deal with them properly, and they tend to resist technology's attempts to de-personalise their anxieties, concerns and need for solid advice and information. "Answering services must be convenient, courteous and without undue hold-ups. A recent survey showed the number one cause of rage in the UK is being left hanging on the phone or being passed from pillar to post. If financial providers do not address this issue, they will certainly lose customers in the long run." Brochures could not be mailed Different phone charges In many cases, new customers have to pay the national rate when they call a financial provider on an 0870 number, while existing customers dial a 'lo-call' number, such as an 0845 number, charged at the local rate. NS&I: 24 hours a day, seven days a week, 365 days a year NS&I currently offers 14 different products and callers can obtain information about all of these by calling one single general enquiries number. And customers can buy a wide range of NS&I's products over the telephone with a debit card, including Savings Certificates, Income Bonds, Fixed Rate Savings Bonds, Cash mini ISA, Guaranteed Equity Bond and Pensioners Bonds. Customers can save or invest from the comfort of their armchair without having to queue in a busy high street bank or building society branch. The NS&I customer enquiries line - 0845 964 5000 - receives over two million calls a year and is open 24 hours a day, seven days a week - including bank holidays, Christmas Day, Boxing Day and New Year's Day. Gill Cattanach, Commercial Director at NS&I, said: "Many customers choose their financial provider for a whole variety of reasons and, increasingly, a major incentive is overall quality of service, and that means being able to contact a financial provider when it is convenient to customers. "Our own research has found that people often prefer to talk to someone in the evenings or weekends from their own home and this is the key reason why we introduced our straightforward 'one-stop' customer enquiries service. We provide a flexible, easy to use service open whenever customers need it, day or night and any time of year." ENDS Notes to Editors1. Mystery shop survey carried out in weeks commencing 7 July, 21 July and 28 July 2003. Operatives at the customer enquiries centres of the top 11 high street financial providers were asked for a brochure on their cash mini ISA to be mailed to the caller. They were then asked if there was a 24 hour number that could be called for general enquiries or for further queries regarding the brochure or the cash mini ISA. 2. NS&I also advertises a 24/7 freephone sales number in the brochures for those products which can be purchased over the telephone, but any customer can also buy these products if they call NS&I's general enquiries number: 0845 964 5000. 3. The psychology survey into consumers wanting to speak to a human voice on the end of the telephone carried out by Donna Dawson for the Reality Shopping Group in February 2001. Survey on 'rage' carried out by Donna Dawson for Abbey National Cahoot Internet Banking in October 2002. 4. Financial providers' telephone numbers were collected from the companies' websites, which were then double-checked with British Telecom directory enquiries. 5. Survey results - customer enquiries telephone lines of main high street providers:
1. There may be some occasions when, due to a high number of calls to NS&I customer enquiries, the caller is put through to a holding line, but all calls will then be answered by a fully trained representative. 2. The main high street providers are defined on a 'like for like' basis. These institutions are based on asset size at the end of 2000 and the top 11 included account for 75% of all savings institutions in Britain (i.e. excluding Northern Ireland). The institutions listed in this press release are more comparable to each other than, for example, Intelligent Finance or First Direct which do not have national branch access. 3. National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products (to 30 million customers). All products offer 100% security because they are backed by HM Treasury. NS&I currently offers Premium Bonds, Cash mini ISA, TESSA ISA, Fixed-interest Savings Certificates, Index-linked Savings Certificates, Children's Bonus Bonds, Guaranteed Equity Bond, Income Bonds, Pensioners Guaranteed Income Bonds, Fixed Rate Savings Bonds, Capital Bonds, Investment Account, Ordinary Account and Treasurer's Account. 4. Further information on NS&I, including press releases and product information, is available on the website at www.nsandi.com. For further information and photographs, contact the NS&I media team:
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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