YBS publishes complaints figures
Yorkshire Building Society’s focus on improving the experience of customers has led to complaint numbers remaining low compared to the sector average, new figures suggest.
The summary of complaints lodged by customers in the second half of 2016 show that there were just 1.55 complaints per 1,000 savings and banking accounts and 13.50 complaints per 1,000 mortgages.
The way complaints figures are reported has recently changed following a review by our regulator, the Financial Conduct Authority. This means both informal and formal complaints, which receive a written response, are included. This results in the second half 2016 figures not being comparable with previously reported numbers.
Within the volumes reported the number of complaints that did receive a formal response fell from 1 to 0.56 complaints per thousand savings and banking accounts and from 11.8 to 7.21 per 1,000 mortgages demonstrating better experiences for our customers
During 2016 the Society made a series of changes to improve the experience of customers. This included simplifying more than 25 policies and procedures to make doing business with us easier and less time consuming as well as continuing to improve the Home Buying process.
Charles Canning, Chief Customer Officer at Yorkshire Building Society, said:
We work tirelessly at Yorkshire Building Society to put customers at the heart of everything that we do, learning from the complaints we receive to tackle their root cause and improve the experience for new and existing customers.
We play a crucial part in the lives of our customers by providing access to their savings and finance for a home so it is vital that we are meeting, if not exceeding, their expectations.
The changes made in reporting to include those complaints that receive verbal responses are a welcome move as they illustrate the full picture regarding customer dissatisfaction, not just those issues which require a written response.
It is important consumers and members gain this level of insight so they have confidence in the performance of the financial services providers they choose.
Where customers are unhappy with a decision regarding a complaint, they can refer the issue to the Financial Ombudsman.
The Ombudsman publishes data about upheld complaints every six months and its latest figures, up to the end of June 2016, show it agreed with the Yorkshire’s decision in 87% of cases referred to it. This gives confidence to the consumer that we are making good decisions when resolving complaints.
Another indicator of customer satisfaction is our Net Promoter Score (NPS). This is calculated by subtracting the percentage of detractors from the percentage of advocates. Over the past 12 months the Yorkshire Group’s customer NPS has risen from 29 to 31.
The KPMG Nunwood Customer Experience Excellence Market benchmarking study 2016 showed our performance rated by a wider cross section of the public is also strong with an NPS of 17, while the industry average has remained at just 6.