State of Finance 2018: Nationwide voted the UK’s most trusted bank

Nationwide is the UK’s most trusted financial service provider for 2018, according to new research from experience management company, Qualtrics.

The research, which surveyed 1,000 UK consumers about the banks and financial services they use, explored aspects including customer loyalty and trust, and the technology trends that are defining the future of banking.

Of the UK’s most-used banks, Nationwide, RBS and Barclays have the highest levels of customer trust and there’s a direct link to customer engagement, with those banks seeing higher levels of loyalty, with 86% of RBS customers and 75% of Nationwide customers saying they are likely to stay with their bank for the next two years, compared to an average of 68% across the sector.

Commenting on this finding, Luke Williams, CX Strategy Lead at Qualtrics, said: “It’s long been said that customer trust takes a lifetime to build and a moment to destroy. In our experience, this isn’t the case. Customers don’t stop trusting brands because of one specific crisis – no matter how severe. In reality, customer trust is eroded over time through continuous, disappointing experiences.

“The brands that have come out on top in our trust index do not have a magic formula, they are simply providing consistent experiences that regularly meet the expectations of their customers. For the most part, this comes down to listening to customers and understanding the little things that define a great experience. That’s where true trust and ultimately, true customer loyalty is forged.”