KPMG Nunwood
Publications

UK Customer Experience Excellence Analysis 2016

Coventry Building Society

Financial Services

Much like first direct, the brand that takes eleventh place in the 2016 CEE benefits from a team of employees who have the autonomy to solve the customers’ problems at the point of first contact. Coventry Building Society, which sits at number 11 in the Customer Experience Excellence rankings, achieves its highest pillar score in that of Time and Effort, an achievement that is unsurprising given how swiftly its staff members are able to address specific issues.

As one customer observed: “Always [a] great service, dealt with straightaway, nothing’s a drama. Rang to enquire about an account, agreed I would open one, and they did it there and then – same person all the way through, not being transferred from one department to another.”

Another customer was in agreement with this experience. “They were extremely helpful, knowledgeable and efficient,” they noted. “I did not expect that level of service.”

And whilst the brand, by its own admission, is arguably more ‘consistent’ than it is ‘innovative,’ its solid commitment to the customer has not worked to its detriment. Indeed, Coventry Building Society rose 11 places in the UK rankings between 2015 and 2016. It is clear that it is a company that can be relied upon, from the customers’ point of view – something that is perhaps reflected in its strong Integrity score of 8.04.

And despite the brand’s reluctance to be described as an innovative organisation, Coventry Building Society has still experimented with new ideas to enhance the overall customer experience. An example of this is can be seen in its deployment of the lowest-ever 10 year fixed mortgage at a rate of 2.39 per cent. It has a fee of £999 and is solely available to borrowers with a minimum deposit of 50 per cent. Reportedly, this provides many people with a greater degree of stability by creating a financial ‘safe haven,’ as their mortgage payments will stay the same until 2026, regardless of what happens with interest rates and other market changes. This is a significant step to make at a time when a certain amount of economic uncertainty has arisen following the recent decision by the British people to leave the European Union. In this respect, Coventry Building Society is showing a level of empathy towards its customers, and adapting the experiences and services it offers in-line with their lifestyles and changing circumstances. This certainly makes the organisation one of the boldest in the UK top 20.

Company Profile

The Coventry Building Society is a building society based in Coventry, England. It is the third largest in the United Kingdom with total assets of more than £34.1 billion at 31 December 2015. It is a member of the Building Societies Association. The society has 1.4m saver-members and a further 350,000 borrower-members. At the end of 2015 the society paid an average interest rate to members of 1.97% compared to a market average of 1.11%

Source

https://en.wikipedia.org/wiki/Coventry_

+7%

Personalisation

+10%

Integrity

+6%

Expectations

+9%

Resolution

+8%

Time and Effort

+7%

Empathy