Munro Global Survey Finds Britain is Angry with Greedy Bankers - But Staying Loyal to Big Names

Results from Munro Global's annual CompariSat® survey reveals that the majority of the British public blame bankers for the current economic crisis. However, consumer loyalty to top brands still remains high.

London, United Kingdom, October 09, 2008 --( New survey research reveals that the public are placing most blame for the current economic crisis on the global financial services industry (37%), world governments (21%), and greed, consumerism or selfishness (18%), with greed and the financial sector often mentioned together. The labour administration is getting off relatively lightly - just 8% of respondents mentioned the government or Gordon Brown in particular - while a further 6% laid the blame with the US government or George Bush. International disputes and oil prices (also often mentioned together) were the next most popular things to blame.

Despite being unhappy with the industry in many ways, for customers of the big banks, it’s very much a case of ‘stand by your bank’. In fact across almost every major sector, consumers are increasingly dissatisfied with the deal they are getting, with satisfaction with value for money falling dramatically since last year. Surprisingly though, consumers’ sense of loyalty to the UK’s biggest brands has barely declined at all since 2007.

“Very few people are moving house, there is increasing worry about making money mistakes, and in utilities and financial services massive uncertainty about what will happen next in the market, so we’re not really seeing the tidal wave of switching and trading down that we might have expected. Consumers are looking for someone to trust right now, and trusted customer satisfaction specialists such as Amazon, Waitrose and First Direct will do ok in this environment” said Charlotte Cornish, Chief Operating Officer of Munro Group.

Munro Global’s 2008 CompariSat® benchmarking survey also delivered good news for Virgin Media, who posted the most-improved satisfaction scores since last year, and for Scottish and Southern Energy, who scored well with both consumers and business customers, but bad news for nPower, who saw the largest fall in overall customer satisfaction.

Now in its fifth year, CompariSat® examines trends in satisfaction across six sectors including public sector services, utilities, banking, groceries, directory services, and retail. The questionnaire covers a range of topics from overall satisfaction to loyalty, value for money, product range and quality of service. This year saw the focus extend to B2B customers.

The top ten organisations for consumer satisfaction, and for satisfaction for business customers, are shown in the tables below – as we can see, banks and telecoms are the best performers among business customers, who are harder to please in general.

Munro Global
Emma Bennett
+44 (0)1494 688400