Customer Experience Index: UK High Street Banks

Banking CX

The banking industry has been impacted by the rise in the use of technology. Digital disruption has transformed how customers interact with banks: their actions have become more transparent due to online reviews and individuals sharing experiences online. 

Delivering world-class customer experience means meeting the expectations of the customer at every step of their journey. Using our advanced emotion analytics platform, Emotics, our team of data analysts analysed customer commentary online for 22 of the leading UK high street banks. The results uncovered the banks that provide the best, and worst, customer experiences. The report below reveals which UK banks came in top, and bottom, for customer experience and the aspects driving key emotions towards each bank.

The analysis of the 22 leading banks revealed four important lessons crucial for winning at customer experience:

  1. Blend technology with time-tested processes

Customer experience on both traditional and new technology is imperative for maintaining and improving customer loyalty. Blending these with relevant content to enable customers to self-serve is vital. Emotion analytics can be used to improve customer experience and maximise brand reputation.

  1. Align with customer emotional responses

Banks must stay connected with customer commentary online to maintain a 360 view of their customer. Switching banks has never been easier, therefore, creating experiences that generate positive emotions, such as Joy and Trust, is key to driving and maintaining loyalty.

  1. Ignore industry innovators at your peril

Digital disruption by new industry players like Monzo is breaking the mould in UK banking. Banks should look to increase and improve their digital presence and services through user experiences which drive loyalty. Banks should understand how their customer experience measures up to industry competitors.

  1. Real-time responses to match customer expectations

UK banks can improve customer service and ease pressure on telephone customer support by leveraging digital platforms more extensively. Understanding emotions which hinder positive customer experience is vital.

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