Research from the Building Societies Association (BSA) claims building societies offer a better level of customer service than other financial service providers and are better at treating customers fairly.
The BSA claims 72% of building society mortgage customers were extremely or very satisfied with customer service, while only 62% of customers were as satisfied with other financial institutions.
The survey also found that 71% of people were extremely or very satisfied with the savings services offered by building societies, compared to just 56% of people at other institutions.
Two thirds of customers surveyed felt that they were treated fairly by their building society, compared to 48% of bank customers.
Building societies are also more trusted by their customers, with only 17% saying they did not trust their provider, compared with 34% of bank customers, according to the BSA
Adrian Coles, BSA director general, comments: “Too many people put up with shoddy service from their banks. While I can’t guarantee that building societies are better in every single instance, societies’ customers are happy to sing their praises.”
According to the BSA, those customers who hold both mortgage and savings products with building societies showed even stronger levels of satisfaction.
The BSA also says that customer service requirements are likely to become more demanding in future as the FSA continues to implement TCF principles and due to publicity regarding bank charges and mis-selling.
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‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019