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Internet accounts benefit from poor branch service

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16/06/2006

Disappointment with service from banks will encourage more people to switch to an Internet provider, experts have claimed.

Moneyfacts.co.uk has said that a massive 50% of consumers have switched savings providers purely as a result of disappointing service. And it said that while “rate tarts” did switch accounts in search of better rates, most people would switch due to bad service, and that this could encourage people to seek a better experience online.

Lisa Taylor from moneyfacts.co.uk said: “For basic financial products such as savings accounts and personal loans, purchasing on the internet can offer excellent returns. However the internet market has failed to capture a large audience willing to select more complicated products such as mortgages.

However she said this could soon change. “Direct Line has announced that on 16 June it will launch its first online only mortgage, offering a ‘best buy’ discounted rate of 4.19% for 2 years.

“To gain the confidence of consumers to purchase these more complicated products online, institutions need to ensure they have easily accessible help options, with someone to speak with if needed.

“However, providers may not be keen to attract all their business through the internet, as although it does provide cost saving opportunities, they also potentially miss out on the cross selling opportunities that branch staff are trained to follow rigorously.”

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