Brand analysis
Will Nationwide ever be knocked off the top of the Financial Services in the UK table? Not this time.
It’s looking quite comfortable up there now. The brand has held the spot for more than a year, but it has never had this much daylight between its Overall Effort Score and First Direct at second place. +3 points now separate them.
The brand increased its scores in all four pillars. ‘Knowledge & Expertise’ and ‘Valuing the Customer’ went up by +3, while ‘Style of Communication and ‘Speed of Resolving Problems’ grew by +2.
The main area we’d advise Nationwide to focus on is ensuring that is easy to find key information on the website/app, as that’s the score dragging down the ‘Speed of Resolving Problems’ pillar. But with 60% saying Nationwide made it ‘very easy’ to achieve what they set out to do – it’s hard to find a negative.
Nationwide is a brand that has truly embraced AI in its customer service. According to Microsoft UK stories, by using GPT-4 within Azure OpenAI to help generate letters, Nationwide average response times have dropped from 45 to 10-15 minutes – an efficiency improvement of around 66%.
How much further can Nationwide go in raising standards in CX? Stay tuned to the CEI this year to find out.
