UK Mutuals Lead Banks On Customer Satisfaction
Thursday, May 06, 2010

Mutual Building Societies have outperformed the UK's banks in a number of areas of customer service, new research has revealed.

The verdict comes shortly after five unnamed institutions were criticized for poor customer service practices by the UK Financial Services Authority.

Commenting on the results, Jim Coupe, commercial director at Skipton International Limited, the wholly owned subsidiary of the mutual, Skipton Building Society in the UK said: “Here at Skipton International, we pride ourselves on our commitment to personal service, both for savers and borrowers."

Coupe added that: "In the current fast moving market, both savers and borrowers want to know what is the right product for their own circumstances, so we will take the time to ensure each customer understands the product they have and whether that is right for them.”

The new research conducted by GfK NOP for the Building Societies Association in the UK has found that savers and borrowers with mutuals are more satisfied than customers of other financial institutions.

Customers saving with a mutual provider were found to be more satisfied with the level of service afforded to them, and were more likely to trust their provider to give good advice, support them in financial difficulties and offer value for money.

Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with over GBP15bn (USD22.7bn) in assets. Skipton International is a leading provider of mortgages in Guernsey, Jersey and Alderney, and recently launched a six-month limited edition bond issue paying up to 2.26% AER.

The bond matures on November 30, 2010 and will be withdrawn when fully subscribed. The minimum deposit is GBP10,000, whilst the maximum is GBP5m. No withdrawals are allowed during the fixed rate term

“In response to client demand, we are pleased to be offering this competitive fixed rate bond," said Coupe. "This account provides both safety and security, giving savers a known return over the next six months, whatever happens in the markets.”