Customer satisfaction levels among UK bank and fintech users

No trust, no data, no growth

Sub-par customer experiences might explain the lag. After all, customers are less likely to hand over information to businesses that they don’t trust. And we all know that fintech companies require consumer data to provide transaction services. The causal relation is clear. No trust, no data, no growth.

This is supported by the UK Banking Empathy Experience Index (EXi) report, which reports that both traditional banks and their ‘modern’ fintech counterparts are severely under-delivering on customer service.

12%

of traditional bank customers rate traditional banking services to be ‘excellent’

33%

of traditional bank customers rate their experience as ‘poor’ or ‘very poor’

15%

of fintech users describe their customer experience as ‘excellent’

30%

of fintech users express dissatisfaction

The result? Both traditional banks and fintechs are struggling to retain customers.

50% of banks in the UK experienced a net loss in users in Q2 of 2021, while 1 in 5 fintech customers are considering changing their providers.