Retail has traditionally dominated the UK Customer Satisfaction Index (UKCSI), however for the first time since its inception in 2008 banks and building societies have overtaken the sector.
Nationwide scored 87.3 out of 100, the building society was followed by John Lewis (87.1), first direct (86.0) and Specsavers (85.0).
The Institute of Customer Service attributed this improvement in the banking sector to the growing emphasis placed on customer satisfaction, loyalty and retention.
The best-performing banks and building societies have invested in training and technology, while facing healthy competition and the customer-outcome focused Consumer Duty standard.
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John Lewis maintained its position as top retailer, in an index which highlighted the link between good customer service and sales.
Three times as many people are willing to spend more for a higher level of customer service than are price-sensitive: 34.4 per cent compared to 11.6 per cent.
The latest UKCSI data also showed that customers who score an organisation as a nine or 10 for customer service are almost twice as likely to recommend it to others as those who give a score of eight (by 94.8 per cent to 54.3 per cent). Half of shoppers are then more likely to remain a customer.
“In a competitive landscape, we are seeing winners emerge who build trust, do the right thing and deliver a product and service experience that their customers genuinely value,” noted Jo Causon, CEO of The Institute of Customer Service.
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