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Brits would bank with Amazon and eBay

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UK consumers are increasingly open to the idea of trusting non-banking brands with their financial needs.

According to research carried out by prixce comparison website uSwitch.com, 75% would bank with John Lewis, 25% House of Fraser and 23% Debenhams, while 25% would bank with amazon and 9% with eBay.

While Tesco and Sainsburys already offer banking, consumers would also trust other supermarkets such as Waitrose (46%), Asda (36%) and Morrisons (26%) with their banking.

Over half of consumers (68%) believe that new entrants to the banking sector care more about their customers than the high street banks, and 69% think supermarkets and retailers offer good customer service, compared to just 37% who believe high street banks do.

Only one in ten consumers believe banks offer the best value for money when it comes to banking, compared to supermarkets and retailers (53%). Eight in ten (80%) consumers say they would consider switching to a new banking provider.

Michael Ossei, personal finance expert at uSwitch.com, said:

“It’s a telling reflection of the UK banking industry that consumers are willing to put their trust in brands that have no previous banking experience. Consumer confidence in banks has been battered these last few years and recent scandals and IT fiascos have done little to win customers back.

“While traditional high street banks are still generally viewed as the most secure and experienced providers to bank with, new entrants are hot on their heels and winning customers over with their untarnished reputations and promise of superior rates and customer service. Hopefully this will act as a wake-up call to the high street banks and will make them pull their socks up. If they do, increased competition could be great news for consumers.”