Warning to Lloyds and Halifax loyal customers as service rule changes to ‘punish’ those less profitable

Lloyds Banking Group is reportedly introducing a new tier-based system for customers that would see those deemed less profitable receive an inferior service.

The move would see customers who are deemed to be of the greatest financial value get a higher level of customer service from the bank, according to documents seen by the Mail on Sunday.

Someone would be considered to be of greater financial value if they have purchased more products and services through the banking group.

These customers would make up around 25% of the overall Lloyds Banking Group customer base - and they could see their call waiting times reduced from 15 minutes to 15 seconds.

The bank is also reportedly considering giving ‘profitable’ customers “pricing, offers and rewards”, although no further information has been revealed about what this could mean.

Meanwhile, the ten million customers who are seen as less profitable are set to be ‘punished’ by facing the longest wait times on the phone and are less likely to get a same-day appointment. The ‘low value’ group would make up around 30% of customers.

It is also reported that lower-tier customers would be put through to a less experienced call handler and be encouraged to use “self-serve” solutions like using a banking app.

‘We are looking to deepen relationships with existing customers’

The Mail on Sunday claims it isn’t necessarily struggling households that could be placed in the ‘low value’ category. It could also be those who don’t go overdrawn or buy products such as loans or insurance policies.

The changes would apply to Lloyds Bank, Halifax and Bank of Scotland customers.

A source at the bank told the newspaper it would launch a service aimed at customers with income or assets of more than £75,000, excluding property, but they claimed customer service would not be reduced in terms of quality in other customer groups.

They said these types of customers will still receive the same support they do today.

A spokesperson from Lloyds Banking Group said: “As we said at our strategic update in February, and to develop a mass affluent offering, where we are currently under-represented. This means we will continually look at ways to tailor what we offer to meet the changing needs of all of our customers.”