We hear so much about online power of peer-to-peer reviews – so it’s refreshing to see a brand actively embracing what consumers actually think about it, good and bad.

The UK bank First Direct (owned by HSBC) has a long reputation for excellent customer service, particularly in the quality and flexibility of the staff at its UK call centres. The strength of this service proposition has allowed them to ‘float above’ the commodity nature of consumer financial services – with a £10 charge for customers paying in less than £1,500 monthly, and no interest paid on current accounts. Key to its success has been understanding that its affluent customers value good service standards above value alone, in a sector infamous for getting the basics wrong.

All this has given First direct the confidence to do something seemingly very brave. It has launched First Direct Live, a site which tracks what is being said about the bank and its products in blogs and online forums. I particularly like the diagram which tracks what people are feeling.  

There is also a forum with direct comments – Talking Point. However this is where they may have been a little too brave. Although the majority of comments are positive, some longstanding customers seem to feel the excellent service standards have started to decline in recent times. 

Experience of working with clients in our Closeness practice, has taught us that it’s when longstanding and loyal customers complain that brands need to worry. These are the consumers who have really invested in a brand – the more emotionally involved, the more they feel betrayed when something goes wrong. For a bank which has built its loyalty on the emotive power of good service, these small issues need to be fixed before they become costly turn-offs.  

First Direct will obviously generate much publicity and further bolstering of its open and honest image through this move – and it certainly sets it apart from the low levels of trust the public holds for high street banks in the main. However the Live site will also give First Direct an extraordinary degree of intimacy with current consumer concerns – a valuable tool for keeping focussed on improving service and continued brand growth for the future!