23 May 2002
The Co-operative Bank has met or surpassed all of its supplier satisfaction targets, according to its Partnership Report 2001.
Overall, 92 per cent of suppliers were either satisfied or quite satisfied with their dealings with the bank, beating the 85 per cent target for all supplier satisfaction areas.
The main reasons for supplier satisfaction stated in the report were: no problems experienced (26 per cent); good personal relations with the bank (25 per cent); and a good long-term relationship (16 per cent).
The Co-op pays invoices promptly, according to 93 per cent of suppliers, up from 85 per cent in 2000.
A Co-op spokesman said supplier satisfaction was paramount for the bank's success.
"We rely on suppliers for services to our customers. Therefore, if a service breaks down, we can hardly tell a customer it was our supplier's fault," he said.
The third annual report is available on the bank's website at www.co-operativebank.co.uk