‘Powered by our people’: how Redwood Bank has continued to impress its customers

"I think the fact we achieved our highest customer rating yet during the most challenging and turbulent year we’ve ever experienced, is definitely something for us all to be proud of."

The Chief Development Officer, who has been in the industry for more than 25 years, has been looking at how the Hertfordshire Challenger Bank has been viewed by its customers over the last three years.

"Everything we do at Redwood Bank is about the customer and looking back at how we’ve been rated over the years, we just keep getting better and better results," he says.

In 2018, the Bank scored 91 per cent in total customer satisfaction and 95 per cent in willingness to recommend. Then the following year the scores were 92 per cent and 93 per cent respectively.

The process for gathering what customers think involves several different feedback surveys which are sent out at regular milestones.

It’s not just customers who Redwood likes to survey, as the Bank’s Brokers are also surveyed every six months.

"Brokers are a hugely important part of our business, so it’s vital we ensure they’re also happy with the service and partnership we provide," Graham explains.

But how has Redwood Bank managed to secure such positive reviews from its customers during a time when many people are becoming frustrated with companies and blaming COVID-19 on poor service?

"Very early on we identified that things were going to change rapidly," Graham says. "So, we set up a Portfolio Management team. Each member was carefully selected based on their experience and skills, so we could build a taskforce of experts to help our customers through a very unsettling time."

Graham Reynolds, Chief Development Officer

As the world ground to a halt while each country tried to control the spread of coronavirus, the awards continued to roll in for Redwood Bank. During 2020, a total of 6 awards were added to the Bank’s already impressive haul, including Best Business Variable Rate Deposit Account Provider and Best Variable Rate Business Savings Provider 2020.

"We're powered by our people, and we're constantly learning from our customers and asking them what it is they want from us" Graham says.

Redwood conducted research last summer and found that only 35 per cent of small business owners say they know the rate of interest they are currently receiving on their business savings accounts.

"Our survey revealed to us that the turmoil of the pandemic had left many business owners unsure of the best approach to take when it comes to looking after their money, so we tackled that.

"We wanted to show our commitment to savers, so we offered market leading interest rates on balances of between £10,000 and £1 million."

A year on and three lockdowns later, Graham says the future is looking more optimistic for SMEs.

"I think it’s safe to say that the vaccines have given us all that much-needed sight of some light at the end of the tunnel. But whatever the future holds for banks, the economy and small businesses, Redwood Bank’s commitment to its customers will remain at the forefront of everything it does.

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