The industry continues to grapple with low levels of customer trust and the business challenges this brings, including churn, lack of engagement and reduced access to regulatory rewards for high customer satisfaction. Despite concerted efforts with more transparent billing formats, brand campaigns, and greater support for vulnerable customers, the problem persists.
Why do customers have little faith in the way prices for utility services are set? And will this lack of consumer confidence put a brake on companies’ ability to meet the requirements of tomorrow’s market? And what actions can begin to build trust between customers and their suppliers?
To answer these questions and more, WNS Global Services was delighted to support the request of our utilities Trust Council – established in partnership with Utility Week – for an in-depth piece of qualitative research into the dynamics surrounding trust and pricing in the sector.
In-depth interviews with individuals with deep knowledge of customer trust and industry pricing issues, including senior leaders at water, energy network and energy retail organisations and representatives of consumer interest bodies provide valuable insight into this highly complex area. They were asked about the relationships between suppliers and their customers and what drives their thinking and behaviour, and what is holding back confidence in the sector.
The research provides current thinking on a range of pressing issues including:
- What drives customer choice
- What factors need to come into play before customers are willing to pay a premium for value-added energy services
- The impact of customer trust on the soon to be introduced price cap
- The obligations to vulnerable customers and policy is affecting trust
The detailed findings are set out in the full downloadable report.