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Banks ‘need to do more’ for customers

Banks ‘need to do more’ for customers

Category: Banking

Updated: 24/02/2012
First Published: 24/02/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Banks have been told they 'must do more' for customers after new research found that millions of people would not recommend their provider to a friend.

Feelings over banks have become worse for many consumers, as over 5.6 million customers (11% of the adult population) are more dissatisfied with their bank than last year.

The findings from Triodos Bank show that almost nine million (18%) people would not recommend their current bank to family and friends.

Many people blame age-old problems such as service for their negative outlook on their bank, but others cited more ethical reasons.

Four out of ten of these unhappy customers (40%) would not recommend their bank due to poor service, and almost a quarter (24%) blame their bank's hefty bonus practice as a reason to not recommend it.

Almost one in five customers (18%) won't advocate their bank because of its excessive profits and almost a third (30%) claim it is because their bank doesn't treat them as an individual.

However, the current concerns facing society are not reflected by the reasons people choose their bank.

The most common reason for picking a bank is down to convenience, with a quarter of Britons (25%) choosing their current branch because it was close to work or home; regardless of rates or business model.

Indeed, just 7% opted for their bank based on its values, while the same number chose their bank based on the best interest rates.

"Surely it should be possible for banks to do more and make things better for their customers and for society as a whole," said Huw Davies, head of personal banking at Triodos Bank.

"More than a tenth of people we surveyed are more dissatisfied with their bank than last year, and 9 million people wouldn't recommend it."

Customers who are not satisfied with their bank could make a change more easily than they think, and they could get rewarded too.

Switching bank is easier than it ever has been with providers having dedicated switching teams on hand to move over all your finances, direct debits and standing orders.

And recent research from Moneyfacts.co.uk found that banks are increasingly taking to offering incentives such as cash and other added extras to tempt people into switching their main account.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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