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High levels of satisfaction with Fairbairn Private Bank

Earlier in the year we conducted a survey with our intermediary contacts and we're pleased to report the findings to you and explain some of the changes we're planning to make across the bank.  

We achieved an impressive satisfaction score of 79%, using the Satisfaction Index™ methodology to measure our success in satisfying your needs. This score places us higher than the national UK Customer Satisfaction Index (UKCSI) of 75%*.

What you said
The research found that your greatest satisfaction lies with our ability to answer queries and understand your needs. We achieved scores over 8 out of 10 for both of these factors.

The survey found that you value highly the personal skills of our staff, including their speed of response, however, you are also satisfied with our range of product literature. All areas received scores higher than 7 out of 10, indicating you are very satisfied with our services.

Satisfaction scores:

Satisfaction scores

Of most importance to you is the security and safety of the bank, which may be a direct result of the recent financial crisis and global recession. In response to this, we can assure you that our secure operations resulted in the bank being untouched by the recent economic downturn. We hold a Moody's independent credit rating of A3/P2 and pledge to preserve the financial stability of the bank at all times. More information about our financial strength is available online.

Also important to you is our ability to handle problems, our speed of response and understanding your needs. These findings suggest that our personal and human approach really do make a difference and that these qualities are valued in an industry that all too often forgets that 'personal service matters'.

Nearly 60% of you believe we perform 'better' than other banks you have experienced and 18.5% scored us 'the same' as other banks. This demonstrates we are working to achieve our aim of serving our clients better than any other financial institution.

The research found that we are not a natural 'port of call' for many of you, and this is mainly due to a lack of knowledge about Fairbairn Private Bank's products and services. We need to promote ourselves to you and you find communications such as our Interface e-newsletter useful to achieve this goal, alongside regular contact by our team of relationship managers.

When asked which areas frustrate you when working with other banks and financial institutions, your frustrations centred mostly around human services, such as not understanding your needs, not calling you back and long response times. It is comforting to know that Fairbairn Private Bank are not the source of such frustrations and our satisfaction scores for these areas enforce this.

What are we going to do?
A plan of action is being rolled out and you should hopefully see some differences very soon. Details of some of our plans are shown below:

  • We will work hard to promote the financial strength and strong heritage of the bank, to reassure you that we are a bank that will continue to stand the test of time as capably as we did during the recent financial turmoil.
  • We're pleased to report that all Focus account valuations will shortly be updated with a new layout and headings to make it simpler for you and your clients to find your way around. They will start with a table of contents and corresponding page numbers throughout the valuation.
  • We are investigating how we can improve the online banking area, particularly a 'printer-friendly' option for statement pages.
  • Our intermediary team will endeavour to contact you regularly, to build a strong relationship with you to allow us to fulfil your needs and requirements.

If you did not take part in the survey but have any comments or issues that you would like to bring to our attention, please do not hesitate to contact your relationship manager or our client services team on +44 (0)1624 645000. We welcome your feedback at any time.

* http://www.ukcsi.com/, January 2010

About the Satisfaction Index™
Understanding that some client priorities will be more important than others, the Satisfaction Index™ uses importance scores to weight satisfaction scores. The resulting index is therefore a weighted average score which is expressed as a percentage.