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Personal service remains king for banking customer

Personal service remains king for banking customer

Category: Savings

Updated: 03/11/2009
First Published: 03/11/2009

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 It is now over 6 months old so the content may be out of date.

Consumers still consider a high level of customer service to be king when carrying out their banking, with over half saying they would only place their savings with an institution with branches they could visit.

Fifty three per cent of banking customers said that being able to visit a branch was necessary requirement when choosing where to put their funds, a survey by YouGov for Deloitte has revealed.

Despite significant advances in online banking – many preferable rates and deals are available on the internet – 65 per cent of respondents said they would only consider signing up for a mortgage after face-to-face talks with an adviser.

Perhaps surprisingly, the level of service was the main consideration for 66 per cent of customers when choosing where to carry out their banking, compared to the 30 per cent of respondents who cited the place where they earn the highest level of interest as their main consideration.

"The importance of branches in the banking sector must not be underestimated," Neil Tomlinson, head of retail banking consulting at Deloitte, commented.

"Branches remain the primary channel through which banks interact with many of their customers, and any businesses considering expanding their remit to include banking services will need to incorporate a branch network."

One in five (21 per cent) of banking customers said they had moved bank in the last two years because they felt dissatisfied with how they had been treated.

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