Co-operative Financial Services was formed to bring together The Co-operative Bank, Co-operative Insurance Society (CIS) and smile under common strategic leadership. It is one of the largest financial services organisations in the UK with more than 7 million customers, it has an annual income of £3.5 billion and assets under management of £31 billion.
As a customer-centric organisation, The Co-operative Bank’s core objective is to provide ethical products and services to a wide range of customer groups. As such, The Bank is forever looking for opportunities to improve and expand their service offering.
The Global Insight and Market Analytics teams at Nunwood have been working closely with The Co-operative Bank’s Mortgage division for almost 2 years undertaking a number of tailored research programmes which evaluate and monitor the service provision provided to their mortgage customers.
Alongside a number of ad hoc studies - which include Mystery Shopping the Bank’s Mortgage Contact Centre and competitor call centres - Nunwood run a quarterly satisfaction study which measures satisfaction with customer experience and key touchpoints throughout a customer’s product lifecycle.
As a result of the research, Nunwood have been able to provide tactical recommendations and guidance to increase customer satisfaction, leverage brand loyalty and most crucially, minimize the threat of customer churn within an increasingly promiscuous market.
