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Today, September 18th, marks an important day in how one country, the UK, responds to customer concerns over the loss of bank branches and ATMs in their communities. From this the date the UK’s financial regulator, the Financial Conduct Authority, formally applies its new powers to regulate how banks shutter bank branches and cut ATM
Last month, the UK’s Institute for Customer Service produced its UK Customer Satisfaction Index (UKCSI) for the first six months of 2024. This is the most authoritative study of how well or not major organisations serve their customers. Overall, the latest report finds customer satisfaction is dipping across all sectors including banking and financial services.
Even though it is heavily spelt out by regulators and others, the digitalisation of financial services comes with increased security risks, even as it improves services and operating efficiencies. This year, the 2024 Global Financial Stability Report from the International Monetary Fund (IMF), said the financial services sector is highly exposed to cyber-attacks, with nearly
As retail banks approach the half-year point, how should we be judging the success of their customer service strategy six months into 2024? Should the metric be how much have they digitised their teller services or how many cross–channel services have they offered? This is how major banks measure success in responding to changing customer
