Nearly four years on since launch, I’m pleased to say that TSB continues to grow and our customers are now seeing some of the benefits of our high-tech transformation that we’ve been talking about for a couple of years.
In the first half of the year alone, we helped more than 25,000 homeowners to get a better mortgage deal or buy a new home, and over 1,000 customers a day brought their banking to TSB. In July we became the first bank in Europe to announce a partnership with Samsung to integrate iris recognition into our mobile app – so customers will soon be able to log-in to their TSB account just by looking at their phone; this is a just a taste of things to come as we move to our new banking platform towards the end of the year.
As we continue to grow, we must continue to provide the excellent levels of service that our customers want and deserve, and have now come to expect from TSB. That’s why we always want to hear from our customers to make sure we’re getting it right. Serving customers brilliantly sits at the heart of TSB, and our customers’ opinions and suggestions are so valuable in helping to shape the way we do business.
We’re always keen for our customers to talk to us when things haven’t gone quite right – so we can try to put things right. When we receive a complaint, we do our very best to resolve it quickly and correctly. In the first half of 2017 we resolved more than nine out of 10 complaints (banking and credit cards) within three days.
We also resolved nearly three quarters (74.4%) of home finance complaints within three days – and I’m particularly pleased at the improvement we’ve seen here compared with 52.9% in the second half of 2016. Last year, we moved across more than 27,000 Northern Rock homeowners to TSB-owned brand, Whistletree, and I’m really happy that these customers are now beginning to feel the benefit of TSB’s customer service.
|H1 2017 TSB||Number of complaints opened by volume of business|
|Product / service grouping||Provision (at reporting period end date)||Intermediation (within the reporting period)||Number of complaints opened||Number of complaints closed||Percentage closed within 3 days||Percentage closed after 3 days but within 8 weeks||Percentage upheld||Main cause of complaints opened|
|Banking and Credit Cards||4.1 Per 1000 accounts||N/A||33,243||33,055||94.1%||5.5%||60.3%||general admin/customer service|
|Home Finance||8.7 Per 1000 accounts||N/A||2,157||2,157||74.4%||23.6%||61.1%||general admin/customer service|
|Insurance and Pure Protection||N/A||3.2 Per 1000 sales||221||220||94.1%||5.9%||50.0%||general admin/customer service|
|Decumilation and Pensions||N/A||N/A||N/A||N/A||N/A||N/A||N/A||N/A|
Like all banks, we share these complaints numbers twice a year at the request of our regulator the Financial Conduct Authority (FCA) to help customers understand banks’ overall performance. In total, we received 36,724 complaints during the first half of 2017.
Of course, there are unfortunately times when a customer doesn’t agree with the decision we’ve made. When this happens, customers can ask the Financial Ombudsman, an independent dispute resolution service, to review their complaint. Of the cases referred to the Financial Ombudsman during the first half of 2017, they upheld 20% of the complaints received from us. While it’s encouraging that we are making good decisions, where a complaint is upheld we look at what went wrong so we can improve in the future.
Looking forward, we’re getting set to move to our new banking platform towards the end of the year, and as we prepare for this transition it’s really important to us that we continue to deliver excellent service to our customers.
I’m really excited for the future for our customers with TSB; there’s still plenty to do as we continue on our mission to bring more competition to UK banking and ultimately make banking better for all UK consumers.
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