Co-op customers have their say - Banking - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Co-op customers have their say

Co-op customers have their say

Category: Banking

Updated: 17/02/2014
First Published: 17/02/2014

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 It is now over 6 months old so the content may be out of date.

It can't be denied that 2013 wasn't the best year for the Co-operative Bank. In fact, its chief executive Euan Sutherland has gone so far as to say that it was the worst year in the bank's 170-year history, thanks to a combination of financial concerns (the £1.5bn hole in the balance sheet) and political scandals (the failed bid to buy Lloyds branches and former chairman Paul Flowers' alleged drug use).

That's why the Co-operative Group is now focusing on restoring public faith in the brand, and as part of that, customers and communities are being invited to take part in a poll regarding the bank's future.

The survey, which is thought to be the first of its kind, will ask wide-ranging questions in order to determine public attitudes to the brand and how they can be improved upon. It comes, in part, from a desire to listen to customers again as in recent years the bank has "lost touch" with the communities in which it serves, said Mr Sutherland, with the aim being to restore confidence and reward loyalty.

The poll will ask for views on what it can do to help local communities, for example, how dividends should be paid, how profits should be shared (once they're generated again) and, perhaps most controversially, whether or not the bank should keep making political donations – a question which could be particularly fraught given the group's links to the Co-operative party, of which shadow chancellor Ed Balls is a member.

The online survey – Have Your Say – will be open until 24 March, with the results due to be announced at the group's annual general meeting in May and published shortly thereafter.

It's a great opportunity for customers to make their views known, particularly for those that have been disillusioned after recent events and could perhaps be worrying about the continuing ethical stance of the bank. It could also be a good time to compare banking providers to see what else is out there.

What Next?

Find the best bank account for you with our whole of market search

Looking for an account that will help you save money too? - check out our high interest accounts

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.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.
 
Close