CX Excellence Report: Challenger Banks and Cosmetics Favourite Bucking Negative Trends

Paul AinsworthPaul AinsworthNovember 7, 20185min

Customer Experience in the UK has shown little sign of improvement in the last year, according to the latest analysis by KPMG Nunwood in their Customer Experience Excellence (CEE) report.

However, whilst consumers generally felt their experiences with British brands were ‘average’ overall, challenger banks first direct and Metro Bank, along with cosmetic retailer Lush, were among the businesses bucking the overall trend, ranking first, second and third respectively.

2018 UK Top-10 Brands by CEE score

Ranking Brand Movement (position in ranking vs. 2017) 2018 CEE Score*
1 first direct +2 8.21
2 Metro Bank NEW 8.09
3 Lush +2 8.02
4 John Lewis Finance -2  7.96
5 John Lewis -1  7.95
6 Ocado +2  7.88
7 Boden +38 7.84
8 M&S +1 7.83
9 M&S Food +5 7.83
10 Emirates -4 7.82

Now in its ninth year, the latest CEE report, Ignite growth: Connecting insight to action, revealed only a minute uptick in the UK’s overall CEE score, moving from 7.08 to 7.13, but remaining below the previous 5-year average of 7.22.

A closer look at KPMG Nunwood’s Six Pillars of Customer Experience revealed that unlike last year, consumers did feel that brands were getting marginally better at meeting expectations and building better relationships with them. However, there was little movement in terms of personalisation, perceptions of brand integrity, or of minimising a customer’s effort by creating more frictionless interactions.

The report’s author David Conway, Director at KPMG Nunwood, said: “Many British brands have focused intensely on customer experience, but it would appear that the majority of their efforts have yet to be recognised. Of the brands that are bucking the overall trend in this year’s analysis, one key commonality stands out: these businesses are customer insight driven.

“Improving customer experience is about far more than investment alone. Customer insight must be fully embedded into business strategy. That increasingly requires looking beyond mere surveys and focus groups, and instead fully utilising the breadth of digital, social, operational, financial and behavioural signals firms have access to. Decisions on improving customer experience need to be based on facts, not intuition.”

While retail (especially grocery) remained the leading sector in this year’s analysis, financial services firms secured three of the top-five places in the rankings. Jon Holt, Head of Financial Services at KPMG added: “Whilst pretty much all firms still have a way to go when it comes to customer experience, it’s promising to see two banks take the top spots. Banks and wider financial services providers are waking up to the fact that consumers want hyper personalisation and convenience.

“People want a car, a house, a holiday, not a savings account or an insurance policy. Financial services as a whole has to adjust to a world where the end customer is front and centre of their products, distribution channels and business models. Customers want instant, digital services and they know the value of their custom.”


Paul Ainsworth

Paul Ainsworth

Experienced Irish journalist and former newspaper editor now helming executive editorial duties with Customer Experience Magazine, the UK's premier online source for Customer Experience news, features, and opinion, along with its sister site, CXM World.




Inform. Inspire. Include.
A free way to improve your business.

Customer Experience Magazine is the online magazine packed full of industry news, blogs, features, reports, case studies, video bites and international stories all focusing on customer experience.


CONTACT US

CALL US ANYTIME



Contact Information

For article submissions:
Editor
Paul Ainsworth
editorial@cxm.co.uk

For general inquiries, advertising and partnership information:
advertising@cxm.co.uk
Tel: 0207 1932 428

For Masterclass enquiries:
antonija@cxm.co.uk
Tel: 0207 1937 483

Customer Experience Magazine Limited
Acacia Farm, Lower Road,
Royston, Herts, SG8 0EE
Company number: 7511106


Newsletter