first direct celebrates 25 years of putting customers first

As first direct celebrates 25 years of putting customers first here’s 25 facts you may not know about the bank and financial facts you may not remember!

Leeds, England, 2-10-2014 — /EuropaWire/ — Tracy Garrad, CEO of first direct comments:  “The world of banking has changed beyond recognition in the 25 years since we launched on 1 October 1989 and started a service revolution. Our future will continue to be based around our customers – which is exactly how we started all those years ago.”

first direct facts

1. Has been in profit every year since 1995
2. Has 1.28 million customers – all of whom have current accounts
3. Employs 2,800 people at two sites, in Leeds and Hamilton (near Glasgow)
4. More than 80% of the 36,000 customers who joined first direct in its first year are still customers today
5. 59% of the total customer base has banked with it for more than 10 years
6. Has been above all GB banks and building societies with a high street presence for both customer service and recommendation since records began in 1998 and 2009 respectively*
7. years ago became the only bank to offer a service guarantee – and still is
8. Handles around 143,000 calls a week and around 10,000 of those, a day, are outside traditional banking hours
9. Was the first bank to introduce a transactional banking app
10. Over 89% of customer contact with first direct is electronic
11. 85% of first direct ‘s customers are now active users of online banking
12. Was the first bank to introduce a twitter account in 2009
13. Twitter mentions have increased from 847 to 1436 in the last 12 months
14. On average, the speed of answer for any tweets sent to us 24/7 is less than 10 minutes
15. Award winning customer service standards: in the last four years alone the bank has won 25 service related accolades
16. Was originally owned by Midland Bank, who first came up with the potential concept of a ‘windowless branch’ in the summer of 1987
17. first direct started life as a blank sheet of paper with the word customer in the middle
18. A full feasibility study was launched in April 1988 – with the bank launching 18 months  later at 00.00 on 1 October 1989 and it has never closed since
19. The bank’s pre-launch planning budget was fixed at £427,000, with £15k ear-marked for two IBM AT computers and an unspecified portable computer
20. A further £2k was budgeted solely for ‘computer ribbons and floppy disks’
21. At launch, the bank announced to its staff that “what customers are buying is the experience of dealing with us.”
22. The original marketing slogans included “first direct – the first name in direct banking” and “It’s time for something better. It’s time for first direct .”
23. ‘Raincloud culture’ was summarised as “the consumer is king and telephone staff are the heroes”. The somewhat ambitious vision was that the bank’s watchwords would be “speed, convenience and quality of service” and that “customers will actually enjoy the experience of banking with us.”
24. Research indicated that services in the longer term could include “a link with Home Banking using a PC in the customer’s home office”.  A timely observation in light of the fact that 1989 was the year that Sir Tim Berners-Lee was busy inventing the World Wide Web
25. The research was not always consistent. Whilst the initial main advantages of the new bank were seen as 1) opening hours 2) better interest on current accounts and savings,   current accounts and savings, lower interest on loans 3) ease of contact, later research noted that “financial incentives of interest on current accounts and cheaper banking than with a traditional High Street bank will be more influential in attracting customers than the convenience factors of opening outside banking hours and telephone contact.”

Financial facts

Ends

For further information please contact Amanda.brown@firstdirect.com on 01132766700 or Rebecca.sykes@firstdirect.com on 01132766899.

*Note 1:

first direct has had a higher proportion of satisfied customers than other GB banks and building societies with a high street presence* since measurements began in 1998

Source: GfK NOP FRS, 12 months ending December data 1998 through to 2013 and year-to-date 2014. Main current account holders who are ‘extremely satisfied’ or ‘very satisfied’ with their current account overall.

*All major banks and building societies with a high street presence/branch network (where n>50)

Note 2:

first direct customers have been more likely to recommend their bank than customers at any other GB bank or building society with a high street presence* since measurements began in 2009

Source: GfK NOP FRS, 12 months ending December data 2009 through to 2013 and year-to-date 2014. Main current account holders NPS scores (NPS calculated % giving scores 9to10 – % giving scores 0to6 for likelihood to recommend main current account provider).

*All major banks and building societies with a High St presence/branch network (where n>50)