Societies most trusted providers, reveals BSA

Independent research from GfK NOP, published by the Building
Societies Association, shows savers and borrowers with societies are more satisfied than customers of other financial service providers.

In the mortgage market, 74% of customers at societies are extremely or very satisfied, compared to 63% of customers at other mortgage providers. While 67% of savers at societies are extremely or very satisfied, compared to 53% at other savings providers.

The research also shows that societies are perceived by their customers as outperforming banks on treating their customers fairly; providing better value for money and being more trusted to give good advice.

This part of the research was conducted in October 2008, at the height of the instability in the financial markets.

Adrian Coles, director-general of the Building Societies Association, says: “For the second year running, this research shows building societies beat the banks in every aspect of customer service. Societies pride themselves in offering the best levels of service possible to their customers. As mutuals, they don’t have any shareholders to please – they are accountable to the members.

“With household incomes being squeezed, consumers are looking for good value – this is an area where societies really excel over their plc counterparts. Recent falls in interest rates will make it even more important that consumers seek out the best deals on savings and mortgages.”