Consumers still affected by word of mouth
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.”