Thursday, 29 January 2009
Mutuals have better customer service.
Who'd have guessed that mutuals would have better customer service? The Times reports that six of the 9 banks with better than average customer service are mutuals - four building societies, the Co-operative Bank, and top of the list Smile - the coop bank's online subsidiary.
Number 10 in the list is HSBC, but they didn't manage to exceed the average for the industry.
Bottom of the list is the demutualised Abbey. Several more ex-building societies are now slumming it in the gutter with the likes of Barclays.
In the illustration to the right, mutuals are labelled with circles. Note how all the better banks are either mutuals, or online subsidiaries.