LSB publishes credit card pre-sale review: LSB has published a review of pre-sale credit card information provision. In the course of the review LSB conducted mystery shopping exercises in branch, over the telephone and online. It also reviewed the summary boxes and terms and conditions documentation given to customers pre-sale. The review found that:
- 82% of shoppers rated the online channel as good or excellent, 78% felt the same about the in-branch services but only 58% held this view of the telephone channel;
- only four branch shops were rated poor or very poor while 25 telephone shops were rated this way; and
- on this basis LSB found that the in-branch and online channels were satisfactory overall while there was significant room for improvement of the telephone channel.
LSB recommended that the UK Cards Association should assess how customers can receive key product features information in a clear and concise way so that they can make the right choice of product. It also says the findings in the branch and telephone channels point to a need for additional training in some cases 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. (Source: Review Of Credit Card Pre-sale – Information Provision)