Britons unhappy with their banks: survey |
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Published
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Thu, 28 Apr 2005 12:40
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A survey conducted by private research organisation Yougov on behalf of ING Direct revealed that 34% of Britons would rather recommend a favourite hair product than their own bank to a relative or close friend. Consumers were increasingly dissatisfied with the services provided by their bank. 56% said they would not recommend their bank to friends and family while 10% clearly warned others to stay off their bank.
Banks would be wise to read between the statistics and improve their act because as many as 40% of respondents said that they often influenced a friend or relative in financial decision-making.
| The statistics are not very surprising because Britons are increasingly fed up with their banks. 63% of the complaints were about poor customer service, 59% about unfair rates, 27% about complicated products, banking jargon (17%) also featured among the major irritants to customers.
A total of 2,147 adults were the subjects of this ING Direct sponsored survey. An area-wise break-up from the survey shows how many people from which part of UK are dissatisfied with their bank: London 55%, Scotland 57%, Midlands 57%, Wales 57%, North 57%, South 56%.
On the positive side, the survey revealed encouraging growth in the ‘word of mouth culture’ especially among the youth. One third of the 18-29 age group respondents expressed their views on financial companies. 16% of these respondents advised their friends last year to stay away from their banks.
The picture would be incomplete without a look at the flipside. There are some banks whose customers are particularly happy with their current account provider. One in 10 respondents said they chose their banks following advice or recommendation. First Direct is one such bank which has a large number of customers who joined up after recommendation. According to a spokesman of the bank, 97% of the bank’s customers would happily recommend it; and every third customer has joined up after personal recommendation by a friend, relative or business associate.
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