Customers losing faith with their bank

Customers losing faith with their bank

LIBOR

MoneySupermarket has found that the majority of respondents to its recent poll say the recent banking turmoil has had an effect on how they think about their own bank.

The site polled its users on whether events have affected the way they view their bank, and 54% said it had impacted.

18.4% polled said they had lost trust completely and as a result will look to move their account elsewhere. A further 27.1% also stated they trust their banks less, but won’t switch as they view them as all the same, demonstrating that apathy amongst consumers still remains when it comes to switching. 8.5% said they would like to change their bank but think it would be too much hassle.

However, 20.4% of site users stating they are happy with their existing provider.

Meanwhile, over 17% already mistrusted their banks anyway and their view has not changed either way since the turmoil, showing the low levels of bank trust that already exists amongst consumers.

“It is not surprising the recent high profile issues in the banking sector has impacted the levels of trust consumers have towards their banks, with some choosing to take action as a result, but consumers should make sure they are moving for the right reasons,” said Kevin Mountford, head of Banking at MoneySupermarket.com.

“It’s interesting that despite many consumers trusting their banks less, they are not planning on switching and many are put off by a belief that switching is a complex process. The reality is that switching is fairly easy, with many banks having dedicated teams to ensure the move runs smoothly.

“Consumers need different things from their current account, some are always in credit and will find that cash incentives are the best way to maximise returns, but others will need to consider various overdraft charging structures.”

1 Comment

  1. John Harding

    I have for many years understood that banks primarily look after their own interests first and customers interests if they should coincide.
    I am livid to see how far up the management line this goes and had not appreciated that lying and manipulation of the underlying fundamentals of banking was so culturally ingrained.

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