The lack of benchmarks in assessing the quality of financial services extended by banks is notorious. Banks get their benchmarks from consultancies which often use the ServeQual yardstick where especially consumer feelings and opinions are taken into account. They then advertise very high degrees of content. It is obvious that such evaluations are not more than part of their marketing activities and a system to ensure self-confidence for their members.

In its book on "Beratungsqualität" (Quality of Advice), iff has argued that a good advice is not where consumers feel well with the advice received but advice which is correct, complete and leads to a long-term positive effect for consumers. Whether this is the case has to be assessed objectively. With its seven principles of responsible credit ECRC has developed such a yardstick. Iff uses the SALIS (Security, Access, Liquidity, Interest, Social Responsibility) concept as another tool and involves time related evaluation programmes which cover services from advertising over contract conclusion, servicing, problems until failure as an entity.

Opinion polls do not meet any of these standards, can easily be manipulated and change according to the general environment of the survey. Economists tend to like such opinion polls only because in their model thinking they anyhow look only for consensus with their logical assumptions. Good empirical research in consumer affairs is rare since researchers like David Caplovitz or Janet Ford no longer provide benchmarks for quality research in this area.

It will thus come as no surprise, when now, a website that enables users of financial services to have their say in commenting on satisfaction levels with their bank has made its appearance. People can just vote on their banks. No criteria, no benchmarks, no selection of people, no control. It is just another proof of how little is necessary if one is to promote banking services of one bank and blame those of another.

Consumer organisations should rate such pages with scientific means and point to more serious attempts to give consumers a say in what banks should do and how successful they are in doing it.

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Link to Contents pages of iff report on "Beratungsqualität" (Quality of Advice) and link to website where it can be purchased (along with other iff publications).