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corporate and business customers
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- Corporate and business customers: satisfaction with ethics [NEW INDICATOR]
- Corporate and business customers: satisfaction with service and relationship
- Corporate and business customers: business centre network
- Corporate and business customers: profile
- Increase overall customer satisfaction. TARGET ACHIEVED
- Respond to the 2000 customer survey by developing a customer service enhancement action plan to address areas
where identifiable improvements are required. TARGET ACHIEVED
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performance
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| Available Channels, 2001ii |
| Telephone Banking |
Postal Deposits |
| Branches |
Internet |
| Post Offices |
Cash Collection Service |
| Financial Director |
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| Satisfaction with the Bank's Ethical & Ecological Performance |
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Very Satisfied |
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Quite Satisfied |
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Quite Dissatisfied |
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Very Dissatisfied |
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Don't Know |
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| Business Centre Network |
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- For a full list of products and services see www.co-operativebank.co.uk/business
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| Customer Satisfaction with Priority Attributes of Performance |
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Agree |
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Disagree/Don't know/No opinion |
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Each category consists of several attributes:
Service: problems resolved quickly, competent staff, accounts opened
promptly, services accessible through branches, straightforward borrowing
process, calls answered and provided with an automated answering service.
Relationship: treated as a valued customer, provided with an adequate range
of products and services and informed about products and services.
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Retail Corporate and Business Customer Profile - by
Industry Classification (December 2001)
Lending
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Deposits
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(Source: Financial Control 2002)
Summary of Small Business Suppport in Deprived Areas (December 2001)
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Co-operative Bank
Small Business Accounts |
Of which in
Deprived Areas |
 Barclays Bank
% Small Business Accounts
in Deprived Areas |
All Other Banks
% Small Business Accounts
in Deprived Areas |
| Number of Business Current Accounts |
23,747 |
1,612 (6.79%) |
4.45% |
4.5% |
| % in overdraft |
13.38 |
11.17 (5.66%) |
8.51% |
- |
| Number of Business Deposit Accounts |
7,394 |
537 (7.26%) |
4.53% |
4.6% |
| Number of Loans |
1,241 |
49 (3.95%) |
4.27% |
- |
| Loan and Overdraft Balances (£000) |
30,517 |
1,226 (4.02%) |
3.82% |
<4.0% |
| Deposit and Current Account Balances (£000) |
294,278 |
28,908 (9.82%) |
3.71% |
- |
| Ratio of Savings to Lending |
9.64 |
23.57 |
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(Sources: Co-operative Bank: Corporate & Commercial Banking 2002
Barclays Bank: Barclays social and environmental report 2000
All Other Banks: Bank of England, 'Finance for Small Businesses in Deprived Communities' November 2000) |
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commentary
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Financial inclusion The bank discloses its account base
against the November 2000 benchmark published in the Bank
of England report 'Finance for Small Business in Deprived
Communities'.i The Bank of England data refers to all banks
with significant exposure to the UK small business market. The
data relates to small business lending (defined as accounts
with an annual debit turnover below £1 million) within some of
the most deprived areas of Great Britain. This covers
approximately 5% of postcode sectors. The Bank of England
concludes that the figures suggest that businesses in deprived
areas are likely to be able to obtain similar levels of finance to
their counterparts in the rest of Britain. The bank's profile in
deprived areas indicates that it has more current and deposit
accounts and higher loan and overdraft balances than the
banking average.
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Customer profile In conjunction with the bank's social
auditor, ethics etc..., an eleven category breakdown has been
agreed based on the Standard Industry Classifications of the
Office for National Statistics.ii As previously reported, the
majority of the bank's lending and deposit balances are in real
estate; housing, education, welfare and leisure; and wholesale
and retail sectors. This is consistent with what might be
expected of a bank that has operated an Ethical Policy since
1992.
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Customer satisfaction During 2001, customer satisfaction
with the bank's service levels has increased slightly to 76%. In
addition, 82% of customers would recommend the bank, 95%
of customers said their expectations of service had been met
and 94% of customers would consider the bank for an
additional business account. Separate satisfaction research is
undertaken with the bank's 'major relationship' customers.
These customers include local authorities, co-operative retail
societies, football clubs, large corporates and large charities.
The results (8.2 out of a maximum of 10) show a consistently
high level of customer satisfaction. In September 2001, the
Charity Times named
the bank as 'Charity
Bank of the Year', in
recognition of the
bank's commitment to
the charities sector and
the quality of banking
services offered.
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Business centre
network There were
no closures, relocations
or major refurbishments
in the business centre
network during 2001.
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Complaints The bank remains the only high street bank to
provide all customers with service level guarantees, covering
routine banking activities; where the bank fails it apologises
and pays £25 in compensation. The bank's Customer Care
team received 122 complaints in 2001, of which 2 were
referred to the Financial Services Ombudsman.
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- www.bankofengland.co.uk
- www.nationalstatistics.gov.uk
To follow any of the links mentioned within the Partnership Report 2001, please visit the links page.
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ethical and ecological value analysis
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Ethical choices The bank has conducted research with
corporate and business customers to gain a better
understanding of the importance of the bank's ethical and
ecological policies in attracting and retaining customers. The
results indicate that for 19% of customers the bank's ethical
and ecological policies are the most important reason for
opening and maintaining an account. 42% of all customers
indicate that ethical and ecological policies were one of the
important factors that influenced them to open and maintain
an account with the bank. The research also indicated that
ethically motivated customers are more likely to recommend
the bank, are more likely to consider the bank for additional
business accounts and are more likely to consider the bank's
service to be 'excellent' than the bank's average customer.
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new targets
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- Develop and launch an enhanced current account for business customers.
- Maintain the high levels of overall customer satisfaction.
Director of Corporate and Business Banking
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