Banks Must Improve Customer Experience
United Kingdom - One in five switch banks because of
poor service
According to results of a survey by YouGov for Deloitte,
customers place more importance on the service they receive than
on interest rates when choosing who to bank with.
Key findings in the survey were:
21% of those who responded say they changed bank in the last two
years due to the way they have been treated as customers.
66% of customers questioned keep their current account where
they receive the best level of service. This compares to the 30%
of respondents who choose a bank with the highest interest rate.
53% of those questioned said they would only save with a bank
they could visit and 65% said they would only apply for a
mortgage if they could speak with someone face-to-face.
Ian Foottit, Partner at Deloitte said:
"At a time when banking customers are more aware of their
finances and are taking decisive action to source the best
service, and with service-driven new entrants on the side-lines,
banks need to ensure that they are meeting these demands if they
are not to run the risk of just competing on price."
