TANDEM BANK WELCOMES THE PUBLICATION OF NEW CUSTOMER SATISFACTION SURVEY

The Competition and Markets Authority and Financial Conduct Authority are enforcing new rules that require UK Banks to publish information on how likely customers are to recommend their services to friends and family. This means displaying it in their branches, on their website and apps.

Tandem Bank CEO Ricky Knox says, “People should be able to make informed decisions about who they bank with. Thanks to these new measures you can walk into a bank or look on their website and easily determine the quality of their service, just like you could with a hygiene rating or reviews on TripAdvisor for a restaurant.

Customer centricity is no longer just a buzzword and all banks now have to base their business on delivering great service. Challengers like Tandem have the advantage of being oriented around customer need from the start, we’re going to lead the pack.”

Moreover, banks now are obliged to disclose how often they have had to report security breaches. The GDPR already requires all institutions to report data breaches within 72 hours of detection to the relevant regulator.

Knox adds, “There’s a real risk with legacy systems. People assume that the big banks are best equipped to protect their data, but in some cases it’s actually quite the opposite. There are a lot of vulnerabilities. Newer entrants don’t have these outdated structures to contend with: our systems are built from the ground up with data in mind and there aren’t the same risks there.”