Nationalised Banks Are Worst For Customer Satisfaction On Loans
It would seem to be a safe assumption that those high street banks which have been nationalised through huge loans from the Government, would be the best when it came to offering the best quality home owner loans and the highest level of customer satisfaction.
However, the latest survey to be published by Which? money experts on the matter, has revealed a very different story. It found that the nationalised banks were very near to the bottom of the customer satisfaction survey table, falling way behind smaller lenders and building societies.
The survey found that customers with First Direct were the most satisfied with their lender and home owner loan, with a score of 89 per cent. This score was achieved through customer service levels, easy to understand loan statements and the ability of the lender to sort out any problems on a customer’s loan.
The Co-Operative bank came second, with a score of 78 per cent, closely followed by the One Account, with 77 per cent.
However, at the other end of the table, Bank of Scotland suffered the worst score of just 41 per cent. The Halifax only scored 44 per cent, Northern Rock 45 per cent and Lloyds TSB 48 per cent, when it came to providing good service to home owner loan customers.
The main reasons given by borrowers for the low scores of these lenders was due to poor service, the fact that existing borrowers were not eligible for the same home owner loan deals as new customers and that customers were not informed of the new loan deals which were available to them once their existing loan product had expired.
Overall, the survey found that around 80 per cent of customers were satisfied with their lender and current home owner loan, although most said that there was still room for improvement.
