Switching banks was rife this year
June 19, 2008
General dissatisfaction with the services and policies offered by many banks in the UK has been reflected in the number of people that actually switched their bank accounts over the course of the year. According to a recent report around eight million banking customers have switched their bank accounts this year, many of whom were very unhappy with the service, policies, and customer service that was provided by this existing bank, prompting them to switch to another.
According to officials the largest rise in dissatisfaction levels over recent years have been in the banking industry, with dissatisfaction levels rocketing in the space of just a few years. The report was compiled by Coleman Parkes, and showed that fewer than one in ten consumers switched banks in 2003, with only around 8% switching over the course of the year. For 2007 this has rocketed to 18.3%.
Amongst their reasons for switching consumers quoted unhelpful staff, bad attitude, and being made to feel like a number rather than a valued customer. Many said that banks were far too impersonal and formal and needed to be more customer focussed and friendly to its customers. Another issue that made many banking customers unhappy was the way that many banks have set up call centres abroad, where consumers feel that communication is becoming a big problem.
One industry professional stated: ‘Banks can ill-afford to make mistakes. Poor customer service and a major error by the bank are two of the top three issues that will drive a consumer to change banks, so banks need to focus on a high level of customer service and quality of information management.’
Recent additions:
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- Treasury clarified guarantee over savings
- False sense of security putting Brits in danger
- Kaupthing leaves rates on hold for second time
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