Customer satisfaction more likely at a building society

Customers are more likely to get better customer service from a building society than mutual lenders with shareholders, according to the Building Societies Association.

Independent research carried out by GfK NOP on behalf of the BSA found that 69 per cent of people were happy with the mortgage customer service from a building society, while other lenders customer satisfaction was just 57 per cent.

Meanwhile 77 per cent of customers were satisfied when it came to current accounts from a building society, compared to 64 per cent from other providers and 56 per cent were happy with their building society savings account, compared to 46 per cent at other providers.

The survey also found that customer satisfaction on mortgages, savings and current accounts was around ten percentage points higher for building societies, compared to other lenders.

BSA also surveyed users on the reasons for being more satisfied with building societies and found that 50 per cent of users trusted building societies to ?look after their interests?, compared to just 34 per cent of bank users.

The BSA said: ?Mutuals are owned by their customers, not external shareholders and this is reflected in how members of staff at building societies and other mutuals interact with their customers.

?Also, although mutuals were not immune to the effects of the financial crisis, they did not cause it. They tend to run lower-risk businesses and as a result did not rely on government support anywhere near to the extent that the banking sector did.?

Source: http://www.themoneypages.com/latest-news/customer-satisfaction-building-society/

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