We’re continually looking to extend the range of services we offer, anticipate our customers’ needs and raise our levels of customer satisfaction. We’re improving the way we deal with complaints, and making banking simpler, by introducing new technology and ensuring our products and services are easy to understand.
Treating Customers Fairly
We seek to go beyond regulatory obligations to ensure the best experience for our customers. As such, we have exceeded the Financial Services Authority UK requirements in this area by applying their Treating Customers Fairly (TCF) principles across our whole global business. Senior executive oversight for TCF is managed through an organisation-wide forum, chaired by the Chief Executive of Retail and Business Banking. The forum tracks emerging issues, drives improvement and monitors progress across our whole organisation.
We monitor customer feedback and satisfaction using a bespoke survey programme and third-party surveys. In UK Retail and Business Banking, satisfaction levels for personal customers increased from 65% to 66%, and for premier customers from 69% to 70%. In addition, UK Retail and Business Banking improved its customer satisfaction ranking to 4th amongst UK banks1, up from 11th in 2007 and was recognised with the 2011 Which? Award for ‘Positive Change’.
Barclaycard’s customer satisfaction increased slightly to 72.8% at the end of 2011, from 71% at the end of 2010. In South Africa, Absa scored 44 points in its 2011 Customer Satisfaction Index, which is broadly in line with Industry Best Practice of 46.
In the UK, our Corporate Banking business rose to first from fourth place among its peers in terms of client satisfaction, and a business in our Wealth and Investment Management division won ‘Best Customer Experience Award in Financial Services' in the 2011 Customer Experience Awards. Our Investment Bank was also ranked number one for client quality in relation to global pension funds by Greenwich Associates.