Customer Experience And Loyalty For UK Banks

In yesterday’s post, I discussed the connection between CX and business results for U.S. banks. Well, the relationship holds true for UK banks as well. Here’s a chart with the banks in the Temkin Experience Ratings UK and Temkin Loyalty Ratings UK.

The bottom line: The link between CX and loyalty holds true in the UK

John Lewis, Amazon, and Waitrose Lead 2012 UK Loyalty Ratings

We are happy to announce the 2012 Temkin Loyalty Ratings UK, which examines how loyal UK consumers are to 66 large brands. Only 28% of the companies  received “good” or “excellent” loyalty ratings while 39% had “very poor” ratings:

As you can see from the distribution across industries below, groceries and retailers are well ahead of other industries in loyalty of their customers while insurers and credit cards are well behind.

The Temkin Loyalty Ratings are based on three underlying areas of loyalty:

  • Willingness to purchase more products or services
  • Likelihood to recommend the company to a friend or colleague
  • Reluctance to switch business away from the company

We ask consumers to rate their loyalty in these areas on a seven-point scale. The “net” scores for each of these areas is calculated by taking the percentage of consumers that select the top two boxes and subtract the percentage of consumers that select the bottom three boxes. The overall loyalty rating is an average of these three scores. Here’s the loyalty for each of those components:

Here are the top and bottom 10 companies in each of the loyalty components:

To access the full ratings and all of the data associated with this study, visit the Temkin Ratings UK website

The bottom line: Most UK companies have a lot of loyalty to build

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