Increase competition by publishing bank customer satisfaction
In Australia the banks compete using independent rankings of customer satisfaction which are published regularly. Isn’t it high time that a similar thorough system was introduced in the UK banking? Whilst from time to time measures are printed and the banks robustly challenge the results, given that most banks now accept the concept of the Net Promoter Score (promoters minus detractors) shouldn’t that be independently measured and published on a monthly basis to encourage competition? With new technology such as Fizzback, capturing customer satisfaction at the point or shortly after the point of interaction, the cost of capturing this information is not astronomical. Getting consumers to vote is far cheaper than regulating to create competition.