The Lending Standards Board has published a review of credit card pre-sale information.
The review found the online channel performed the best for overall clarity of information, with 4 out of 5 mystery shoppers rating the service as good or excellent. In contrast, just under 3 out of 5 of shoppers rated the telephone experience as good or excellent, making it the worst performing sales channel.
There were no reported areas of significant concern in terms of customer detriment, although the review does outline some areas for improvement and identified the need for additional training to equip staff members to:
- communicate information more clearly to customers;
- have a better knowledge of some of the key product features; and
- maintain customer engagement.
The full review can be read here.