KPMG Nunwood
Publications

UK Customer Experience Excellence Analysis 2016

M&S Bank

Financial Services

In the world of digital technology, it would seem that the only certainty is that nothing is certain. It is an ever-changing world, governed by sometimes-unpredictable trends and customer habits that can switch rather quickly.

This is something that M&S Bank has been keenly aware of, and it has taken steps to stay abreast of the evolving environment that it operates in. Arguably, it has been successful in this endeavour, achieving 16th place with an excellent CEE score of 7.84.

One of the initiatives that has made this possible is its creation of a digital lab, a start-up style approach for prototyping and developing a range of internet-based and in-store technologies, enabling the company to keep up with the wave of changes that is sweeping across the UK high street. This is something that is particularly important in banking, with an increasing number of customers using smartphones and tablet devices to manage their finances.

For the time being, it would seem that the brand is managing to stay on top of security areas of its business, leading to a strong Integrity score of 7.93. As one customer explained: “Some time ago now there was a problem where someone was trying to use my credit card, and I was phoned and told this, and my card was immediately stopped and I had to wait for another card. This was dealt with superbly without any hitches after speaking to the people in charge of this fraud. I’m always aware these things can happen and very glad when people are in control of the situation. It gives me more confidence in the product I am using.”

The bank has also been successful in showing empathy to its customers, at a time when interest rates are at a record-low. It has introduced new switching incentives for those customers who wish to transfer their finances to M&S Bank, meaning that individuals who sign up for the brand’s current account receive a £220 switching incentive, as well as a £100 M&S gift card with a bonus of £10 a month added for the first year. In addition, customers can also take advantage of the attached regular saver account, which comes with an interest rate of 6 per cent.

As such, M&S Bank is a company with its finger on the pulse, and it is in little danger of being ‘left behind’ at a time of technological, and economical, uncertainty.

Company Profile

M&S Bank is like no other. It’s entirely designed around you, our valued customers. M&S Bank launched in Autumn 2012, built on the foundations of M&S Money, which provided a range of financial products and great customer service for over 30 years

Source

http://bank.marksandspencer.com/explore/about-us/business-overview/

+7%

Personalisation

+8%

Integrity

+7%

Expectations

+5%

Resolution

+8%

Time and Effort

+6%

Empathy