Lloyds’ controversial plan to give 10 million loyal customers a second-rate service under new ‘deeply cynical’ system

16 comments

  1. One of the biggest reason I will leave a company and go to another is poor service. I’m not going to be loyal to any corporation, especially those that provide shitty service and make billions.

    I’d be surprised if I was considered a high value asset, as I ensure my money makes me money and not the bank money. And keep as little as possible in them.

    If they are to go ahead with this, the backlash could destroy them. But we all know government will just bail them out, again.

  2. Every day I wonder what percentage of legacy banks’ profits come from customer inertia or vulnerable customers who can’t switch as easily as others.

  4. I wonder what type of customer does bring in the most revenue. I have a current account with them, but no longer a mortgage or personal loan. I’ve never had to pay any fees for going overdrawn. Presumably that makes someone struggling to make ends meet a higher-value customer than I. About time those folk got better service /s

  6. It amuses me that customers who have assets but don’t get shit like loans and credit are also ‘low tier’. All my bank gives me is interest. I cost them money.

    So really the customer they favour is the one who gets loans, overdrafts and credit. Which makes them money. So not ‘the wealthy’ but more ‘the desperate ‘.

  8. If anything, the most profitable people mentioned, those taking loans and using overdrafts are presumably not necessarily more wealthy. This does seem like an unfair policy/approach, but doesn’t seem to discriminate based on rich vs poor, because poor people are way more likely to actually be stuck paying interest on loans and overdrafts.

  9. I do hate society in general a lot of the time. I dont care enough about money to jump through all these fucking unnecessary hoops all the time. Having to pretend im cancelling my subscriptions just to get the actual price and not the legal scam price.

    Im tired

  10. “Lloyd’s, there for you!”

    How can ofcom allow such blatant bullshit on some of these adverts.

  11. My experience with Lloyds when trying to remortgage to them a year ago was so poor I just gave up. Kind of glad I did now!

  12. Been a Lloyds customer for years, never phone them, never have any interaction with them outside of the online banking app and that’s been the case for years. I’d have no idea what level of service I was getting if I did call them to compare it to

  13. Is this the same Lloyd’s taxpayers bailed out to the tune of several hundred million pounds after the 2008 Financial Crash, which Lloyd’s knowingly had a hand in?

    Ah-ha! So it is!

  14. I work as a management consultant specialising in financial services. What LBG are doing is not new, or special.

    Nearly every financial services provider you engage with looks at your lifetime value to them and will tailor offers, services and customer service outcomes specifically for you.

    You probably don’t notice it, but if you’re considered to be high LTV, it’ll be everything from giving you a better interest rate on a loan through to offering you deals on their other products at preferential rates or terms. They may call you to personally ask what went wrong if you applied for a credit card or loan and then later abandoned the journey or cancelled early. They will also prioritise your customer service queries and handling of any complaints you may make. An insurer for example might offer you a much (much) better than market rate on insuring your 2nd car, or home if you’re already a car insurance customer and considered high LTV for them.

  15. ITT people finding out that for-profit organisations value profitable customers over less profitable ones.

    Wait until you find out how insurance premiums work…

  16. From the bank that brought you the gem of owning 50,000 homes by 2030/2031 to rent infinitely to plebs who can’t afford owning their own home comes a policy that’s essentially saying “yes we support the rich and the rich only”.

    Move banks if you can they’ll have to compete with actual decent interest rates instead of this hokey “pay in no more than £400 per month and you’ll get a rate above base” crap which isn’t worth bothering with if you’ve got actual money to save.

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