Two out of every five consumers are dissatisfied or indifferent towards their current bank, according to a study by the “ethical and sustainable” Triodos Bank.
The research showed that ten million bank customers cannot find a single reason to recommend their bank to others.
Customer service was the main reason for people’s dissatisfaction with 38% of those surveyed saying they would not recommend their bank after poor experiences.
Around 29% of the 2,000 adults questions claimed they were unhappy because their bank does not treat them as an individual.
Only 6% of customers picked their bank based on recommendations or its reputation for good customer service. Almost one in five admitting that they chose the bank nearest to where they lived or worked while 195 went for one with a large number of branches.
More than one in ten still used the bank account their parents set up for them.
Over a third of those questioned said it is important to them that a bank places importance on issues such as the environment, human rights and sustainability.
Huw Davies, head of personal banking at Triodos, said: “The general public is feeling let down and disillusioned with the banking sector so it is not surprising that this many people struggle to find a reason to recommend their bank, and that there appears to be such high levels of dissatisfaction. With so many Brits feeling this way about the banks at the moment, we’d like to challenge people to turn this dissatisfaction into action.”
Some 37% said that they felt resentful towards their bank as a consequence of large staff bonuses and excessive profits. The survey was published after the chancellor George Osborne was accused of going easy on the banking sector and failing to introduce tighter regulation after the financial crisis. It was revealed yesterday that city funding to the Conservative party has doubled since David Cameron became leader.
The chancellor sought to dampen anti-bank sentiment when announcing levies on the sector earlier in the week: “The anger at the terrible mistakes of the banking industry, and the failure of those who regulated it, will long remain – and rightly so. But let us as a country confront this hard truth. Anger and retribution will not bring one percentage point of economic growth or create one single new job.
“The anger will remain. And we must never make the same mistakes again. But Britain needs to move from retribution to recovery.”
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