Retail
Our Strategy
We offer our customers easy to understand, competitively priced and straightforward products which, combined with a rigorous approach to cost control and risk management, enables us to convert carefully selected growth in sales into long-term growth in shareholder value.
Key Performance Indicators
Our key performance indicators are used to measure progress against our strategy.
Growing profitable market share of retail products
We believe that our uniquely strong sales and distribution model will allow us to grow profitable market shares of between 15% and 20% in the core markets in which we operate. Our approach is based on offering customers better value products, providing them with excellent service levels and ensuring we treat them fairly.
Estimated UK market shares
Controlled credit risk – balancing risk and growth
We carefully judge the appropriate pace of growth in different markets according to prevailing and expected conditions. We continually re-evaluate our credit risk underwriting criteria and have, where necessary, made refinements to our credit scoring techniques and methods to ensure that the level of risk we are accepting is commensurately priced.
Impaired loans as a % of closing advances
Provide consistently good customer service
We aim to improve our customer ratings for satisfaction with our service compared to our banking peers. We achieve this by improving the day-to-day interactions between our colleagues and customers, by streamlining our processes and by introducing new services to meet customer needs.
Customer satisfaction
Source: GFK NOP. Proportion of customers who were ‘delighted’ or ‘completely satisfied’ with service from their bank.
Cost leadership
Our cost leadership position is now well established.
We aim to continue to control costs, allowing us to absorb business volume growth, whilst at the same time investing in initiatives aimed at generating future revenue growth thus further reducing our cost:income ratio which, in turn, allows us to invest in good value products for customers.
Cost:income ratio
