IBOS member Santander have released their 2015 annual report. Santander is a major financial services provider, offering a wide range of personal financial products and services, and is a growing participant in the corporate banking market.
2015 saw the majority of previously set key performance indicators being delivered, including the following highlights:
Santander’s retail franchise has been increasingly recognised for value, innovation, and leading service. There has been a strong turnaround in customer satisfaction, with a 9 percentage point improvement from the end of 2012.
Their Retail Banking business was transformed through the 1I2I3 World proposition with significantly reduced customer attrition and much improved primacy. They have more than tripled their 1I2I3 World customer base from 1.3 million in 2012 to 4.6 million customers today and in the same timeframe also nearly doubled loyal customers.
The report demonstrates improvement in customer satisfaction. Over the last three years Santander have built a corporate bank from the bottom up, with significant progress towards a full corporate and commercial proposition, with a unique international proposition. They now have an extensive product suite, client-centric infrastructure, with 726 Relationship Managers and 70 Corporate Business Centres, firmly establishing us as the only full-service scale challenger.
With the investment now complete in Commercial Banking, Santander will continue to focus on customer satisfaction and loyalty, build productivity across our platform and utilise our expanded footprint.
Operational efficiency and cost discipline has enabled the significant investment in business growth to be largely absorbed.
Baroness Vadera, Chair of the Board, stated that “UK banks need to continue their transformation, focusing more on the needs of people and businesses in the real economy and regaining the trust of customers, investors, regulators, policy makers and the wider public”. She went on to stress Santander’s strong role in this transformation due to its “greater reach, high street presence and brand recognition than niche players whilst our market position relative to the ‘big four’ ensures we maintain our incentive to win the loyalty of customers and challenge the incumbents’ ways of doing business.”
For greater detail, please download the full report from Santander’s website here.