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personal customers
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- Personal customers: satisfaction with ethics [NEW INDICATOR]
- Personal customers: satisfaction with service, relationship and values
- Personal customers: branch network
- Personal customers: profile
- Ensure that all Mortgage Service staff become fully CeMAP (certificate in mortgage advice and practice) qualified by the
end of 2001. ACCEPTABLE PROGRESS
- Increase customer satisfaction with the smile banking experience. TARGET ACHIEVED
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performance
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| Available Channels, 2001ii |
| Branches |
Visa debit cards/Electron cards |
| Telephone Banking |
Visa credit cards |
| Internet Banking |
Mobile phones |
| Post Office/Postal Deposits |
Co-op stores/Handybanks |
| Cash Machines |
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- Follow this link for a full list of products and services
- Follow this link for information on availablebanking channels
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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: accuracy of transactions, complaint handling and helpfulness of staff.
Relationship: explaining how to make the best use of channels,
understanding and anticipating customers' needs, treating customers as
individuals, helping with customers' difficulties and the bank's interest in
retaining customers.
Values: different from other banks and open, honest and caring. |
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| Satisfaction with the Bank's Ethical and 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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| smile Customers: Overall Satisfaction |
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Excellent |
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Good |
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Average |
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Below average |
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Seriously below average |
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| Branch Network |
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MORI Financial Services Comparison: Customers' Satisfaction with their Bank
Current Accounts
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Savings Accounts
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Credit Cards
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Loans
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All Banks
Fairly Satisfied |
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All Banks
Very Satisfied |
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The Co-operative Bank
Fairly Satisfied |
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The Co-operative Bank
Very Satisfied |
(Source: MORI Financial Services, All data is based on the 12 month period for each year to December)
Current Account Profile: By "Household Type" (March 2002)
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The Co-operative Bank |
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GB Households |
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Co-op Bank |
GB Households |
| A |
High Income Families |
10.84% |
11.00% |
| B |
Suburban Semis |
12.49% |
10.40% |
| C |
Blue Collar Owners |
19.13% |
12.80% |
| D |
Low Rise Council |
12.84% |
13.30% |
| E |
Council Flats |
3.16% |
6.40% |
| F |
Victorian Low Status |
9.16% |
9.10% |
| G |
Town Houses & Flats |
9.59% |
9.70% |
| H |
Stylish Singles |
5.45% |
5.40% |
| I |
Independent Elders |
5.73% |
7.40% |
| J |
Mortgaged Families |
6.40% |
7.50% |
| K |
Country Dwellers |
5.09% |
6.70% |
| L |
Institutional Areas |
0.12% |
0.30% |
(Sources: Co-operative Bank, Marketing 2002
Great Britain Population, Experian 2000) |
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Experiani has devised a classification system called 'Great Britain MOSAIC', which classifies households by postcode. Each of the 1.6 million postcodes in Great Britain is
assigned one of 52 MOSAIC types on the basis of socio-economic and socio-cultural data. These 52 types can be combined to form 12 groups. The graph shows GB population by MOSAIC group compared with The Co-operative Bank's personal current account base.
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- www.experian.com
To follow any of the links mentioned within the Partnership Report 2001,
please visit the links page.
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commentary
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Financial inclusion One aspect of social exclusion is the lack
of access by some people to 'routine' banking facilities,
termed 'financial exclusion'. The bank launched its basic bank
account, 'Cashminder', in October 2000 and now has over
7,200 customers with accounts. The bank discloses the profile
of its current account base again this year. A comparison with
last year's datai shows little significant year on year shift. A
comparison with the population norm indicates that the bank
has fewer customers in MOSAIC group E 'Council Flats'. This
performance should, however, be considered in relation to the
bank's provision of support to the credit union movement,
which seeks to widen access to affordable credit and savings
opportunities to those who cannot or do not wish to deal with
mainstream financial services providers (follow this link for details of our relationship with credit unions & follow this link for the campaign analysis on combating financial exclusion) .
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Customer satisfaction Co-operative Bank commissioned
research shows that customers' overall satisfaction with the
bank has reduced slightly during 2001 (to 95%), although 80%
would still recommend the bank to a friend. This may be a
reflection of customers increasing expectations from the
industry given their experience of a wide range of service
providers.  By comparison, MORI's biannual surveys show
that Co-operative Bank current account, savings, credit card
and loan customers (which represent 80% of all bank
accounts) are more likely to be very satisfied than the market
average. MORI's most recent independent survey (December
2001) indicates that The Co-operative Bank's current account
customers are more satisfied than the market average in
relation to nine out of eleven dimensions: bank charges,
helpfulness of staff, queuing in branches, efficiency of dealing
with recent phone enquiries, speed of replying to recent
letters, reliability of telephone banking, reliability of Internet
banking, opening hours and availability of cash machines.
According to MORI, 51% of The Co-operative Bank's current
account customers are very likely to recommend the bank,
compared with the market average of 33%.
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Mortgage advice The Certificate in Mortgage Advice and
Practice (CeMAP) consists of three separate examinations
(CeMAP I, II and III). The qualification provides customers with
the assurance of dealing with industry qualified staff. Of those
mortgage staff employed by the bank during 2001, 69% were delivering value
fully qualified and the remaining 31% were partially qualified.
All the partially qualified staff will continue their studies with the
aim of becoming fully qualified. All mortgage staff recruited in
the last 6 months of 2001 are studying for the CeMAP
qualification, with 23% having passed the first two
examinations by the end of 2001.
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smile Over 500,000 account holders have now been attracted
to smile. The majority of customers are attracted by the
convenience of managing their own banking on the Internet
and smile's competitive interest rates. Customer satisfaction
with smile has increased during 2001 and 94% of customers
would recommend smile to a friend. Customers identified
speed, ease of use and high levels of customer service as the
main reasons for their satisfaction. Since smile's launch,
hundreds of improvements have been made to the website,
many as a direct result of customer feedback.
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Branch network During 2001, Derby branch was relocated to
a prime site incorporating a smile banking presence, Swindon
was refurbished and major refurbishments were undertaken
at Reading, Newport, Swansea and Cwmbran branches.
Cardiff Queen Street branch, Canary Wharf sub branch and
Blackwood sub branch were closed. In accordance with the
Banking Code, all affected customers received a minimum of
eight weeks notification of closures. The bank received 21
written complaints regarding these closures and 49 customer
accounts were closed.
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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 to
customers and pays £15 in compensation. The bank's
Customer Care team received 1,053 complaints in 2001, of
which 147 were referred to the Financial Services
Ombudsman. 8% of the bank's current account customers
surveyed by MORI in December 2001 had complained during
the year. By comparison, 11% of all other banks' current
account customers had complained (MORI December 2001).
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New products During 2001, a range of Visa Platinum credit
cards was launched, including a card with a fixed-rate
guaranteed for five years. In November the bank launched a
special Platinum credit card offer, providing an initial interest
free period, for both balance transfers and purchases. In June,
the bank introduced 'Privilege', a new current account which,
for a small monthly fee, provides a range of benefits, including
free annual family travel insurance and preferential rate
overdrafts. In addition to the standard mortgage range, the
bank introduced a five-year capped rate flexible mortgage and
two, three and five year fixed rate mortgages.
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June 2001: the bank introduced a new current account, 'Privilege'. |
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The bank has recently launched a range of fixed rate mortgage products. |
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| Industry codes The bank complied with all aspects of the
Banking Codeii and Mortgage
Codeiii during 2001. |
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- www.co-operativebank.co.uk/partnership2000/indicators_valuemain_4.html
- www.bba.org.uk
- www.mortgagecode.org.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 researched its customer base
to gain a better understanding of the importance of the bank's
ethical and ecological policies in attracting and retaining
customers. The results indicate, for example, that for 31% of
current account customers the bank's ethical and ecological
policies are the most important reason for opening and
maintaining an account. The research also indicated that
ethically motivated customers are more likely to have more
than one product with the bank, are more likely to recommend
the bank and are more likely to be satisfied than the bank's
average customer. By comparison, MORI's biannual
surveys indicate that 1% of all other banks' customers open
their current accounts for ethical reasons.
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new targets
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- In line with the bank's aspirations to provide a personal service, increase the percentage of customers stating that they are
'treated as an individual' by the bank.
David Dunlop, Head of Personal Customer Services
- Increase the percentage of paper applications processed within 48 hours to 95%.
Rob Woolley, Head of New Business Centre
- Increase the percentage of customers stating that their relationship with smile is 'excellent'.
Phil Garlick, Head of Operations smile
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