A very interesting approach being proposed by the FCA. Statistics around customer service will make customer retention even more challenging, especially as switching accounts is becoming increasingly more simple. Banks need to ensure they have insight into their customers experience during every interaction, as if there is a risk of customer churn, they can address it. This is vital as consumers will have visibility of the quality of service being provided by the competition.
A spokeswoman for UK Finance, which represents the major banks, said: "Banks work hard to ensure the products and services they offer meet customers' needs - this initiative is a positive step that will make it easier for consumers and businesses to compare the quality of service offered by different current accounts.