P2P Platforms Top Traditional Providers in Customer Satisfaction Survey

By Ryan Weeks on Friday 26 June 2015

Alternative Lending

RateSetter has blown away the competition in a Which? customer satisfaction survey.

The UK’s second largest P2P consumer lender has outperformed top-rated savings account providers in the field of customer satisfaction, according to a survey of 5,000 Which? members. RateSetter also ranked as the top peer-to-peer lender. The platform notched a customer satisfaction rating of 80%, scoring the maximum five stars for interest rates offered, and four out of five stars for adequately explaining risk (take note, Yorkshire Building Society), customer service, default rates and ease of use.

Customer service – in which RateSetter tallied four out of five stars – is a key component in overall customer satisfaction. It’s an area in which the casual observer might expect the online lenders to fall flat, owing to a perceived lack of accessibility. In practice, however, peer-to-peer lenders tend to rank extremely highly among investors in the matter of customer service. In short, lean, branch-free, online lending outfits do not appear to be coming off as impersonal. 

Rhydian Lewis, CEO of RateSetter, commented on the Which? survey results:

“For the members of Which? to have given their vote of approval to peer to peer lending is a significant moment for our industry. I am thrilled that Which? members are so positive about RateSetter in particular, with a customer satisfaction score that exceeds their rating for any savings account provider.”

RateSetter’s triumphs aside, 91% of Which? members who had invested in the P2P space over two years ago continue to hold investments with the platforms – a fact that reflects the industry’s ability to make retail money stick. 

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