The survey was conducted in July and August 2021 and addressed a representative sample of 500 UK financial services consumers who had acquired a new financial product in the past twelve months. Products had been acquired from a mix of high street banks, challenger banks, mobile and digital banks and building societies, and those who received a better-than-expected experience of compliance onboarding described themselves as:
more likely to recommend their provider (77%, which was more than double the rate of 32% for those whose experience had been worse than expected)
more likely to buy more products (60%, which was almost 3.0x the rate of 21% for those whose experience had been worse than expected)
less likely to make a complaint (50%, versus only 14% for those whose experience had been worse than expected)
less likely to switch providers (49%, more than 2.5x the rate of 18% for those whose experience had been worse than expected)
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.