UK consumers want high street banks
(4 November 2009 – UK) A poll conducted on over 2000 UK adults has shown that despite the growing popularity of mobile and online banking, over half would only place their savings into a branch that they could visit.
The poll by YouGov shows 53 percent of respondents said they would only place their savings’ in a bank with branches they could visit and 65 percent said they would only take out a mortgage after speaking face to face with an advisor.
The findings concluded that despite the growing popularity of mobile and online banking, face to face customer service and interaction still remains a priority for customers.
The survey also showed that high priority given to service by customers has contributed to more than one fifth of respondents moving banks over the past two years due to dissatisfaction to the way they had been treated.
The priority on the level of customer service out ranked the importance of the interest rate when choosing which bank to have their current account with.
Only 30 percent of customers based their decision on bank choice around the opportunity to receive high interest on an account.
Neil Tomlinson, head, retail banking consultant, said that the fundamental battle for current account market share and balances must be fought out in branches, where face to face interaction is key to engaging customers.
Face-to-face contact is a key requirement, and particularly so for products such as mortgages, where customers are unwilling to compromise on face-to-face contact, Mr Tomlinson added.
The findings concluded that despite the growing popularity of mobile and online banking, face to face customer service and interaction still remains a priority for customers.
The survey also showed that high priority given to service by customers has contributed to more than one fifth of respondents moving banks over the past two years due to dissatisfaction to the way they had been treated.
The priority on the level of customer service out ranked the importance of the interest rate when choosing which bank to have their current account with.
Only 30 percent of customers based their decision on bank choice around the opportunity to receive high interest on an account.
Neil Tomlinson, head, retail banking consultant, said that the fundamental battle for current account market share and balances must be fought out in branches, where face to face interaction is key to engaging customers.
Face-to-face contact is a key requirement, and particularly so for products such as mortgages, where customers are unwilling to compromise on face-to-face contact, Mr Tomlinson added.
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