You are here: Home - Saving & Banking - News -

Consumers still affected by word of mouth

0
Written by:
11/07/2006

Customer service is still a high priority for most, with over a third of consumers’ banking choices affected by negative word of mouth, according to Moneyfacts.co.uk.

Recent research from the consumer information website showed 45% of consumers had avoided a particular bank in the past because of a friend’s bad experience. A similar percentage of people (46%) have moved current account due to dissatisfaction with the service provided.

Consumers were least likely to change mortgage provider for this reason, with only 18% claiming to have done so in the past. Emma Butler, editor of Moneyfacts.co.uk, put this down to the costs involved in switching, along with the perceived hassle. However, 52% of respondents had switched savings account due to poor customer service.

Butler added: “Although accessing our personal finances via the Internet is becoming increasingly popular, there are still those who prefer to visit a branch or pick up the phone. Our finances are something we take very seriously and can potentially cause a lot of stress in our lives. Thus, whichever channel we choose to manage our money from, when we want to talk to someone or need some assistance, we want to be treated fairly and receive a good service.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Consumers urged to shop around for travel insurance

Consumers getting a good deal on a package holiday could find themselves stung by expensive insurance, according to Moneysupermarket.com.

Close