Consumers who switch their current account have a 92% satisfaction rating
Consumers who switch to a new bank have a 92 per cent satisfaction rating compared to an 80 per cent satisfaction level for those who opt to stay put, according to a survey conducted by Financial Services review and insight platform Smart Money People.
Banking and Insurance Management Consultant Mike Fotis, who started Smart Money People thirteen months ago, commented: “The overwhelming evidence suggests that most people would be happier with another bank. Despite the fact that switching bank accounts has never been easier or quicker thanks to the 7-day current account switching service, we have found that consumers still tend to be pushed away from their bank, as opposed to being attracted strongly enough to make the move. Only 3 per cent of UK consumers per annum actually change their bank.”
“Some 60 per cent of all respondents were positively surprised with the ease of switching their account, while 20 per cent responded saying that they should have considered switching their account years ago.”
“Even if they don’t believe they have been treated fairly by their bank, or that their requirements are not fully understood, they tend to have a high tolerance level and ultimately stay put. Our survey actually shows that more people feel that they received fairer treatment from their insurance company than they do from their bank.”
“We know that most people consider banks to be ‘all the same’ which has no doubt created a level of apathy when it comes to switching. Yet there has never been more choice available, particularly with the new Challenger Banks appearing on the scene, in particular digitally focused banks, like Atom and Tandem, which are set to make rapid inroads into the sector as traditional banks continue to close local branches up and down the country.”
Based in Newcastle, Smart Money People is the only review and insight platform focused purely on financial services. Its aim is to use the power of customer reviews to help increase transparency and trust in financial service providers. In much the same way as restaurants, hotels and holiday destinations are routinely graded by consumers, reviewers are invited to submit detailed reviews of financial service providers and individual products. Smart Money People is heeding the calls of the FCA’s Consumer Panel and encouraging consumers to act as ‘co-regulators’ in order to make financial services work better.”
Smart Money People has used 2,842 consumer reviews as the basis of this release and is due to announce the ‘winners and losers’ of its annual British Bank Awards in February.
Posted: 1st of December 2015