Over ten million Britons cannot find a single reason to recommend their bank, a survey has found. The figures, released by ethical bank Triodos, show a growing disillusionment with the banking sector in the wake of the financial crisis.
The survey of 2,000 British adults found that 40% feel either dissatisfied or disaffected with their bank, with 21% failing to find a single reason to recommend their current account provider to a friend.
The main reasons for complaints were poor customer service (38%), banks’ hefty bonuses and excessive profits (38%), and not being treated as an individual (29%).
Customers fail to choose the best bank account for them
However, despite the UK’s displeasure with the banking industry, the survey also found many people were not shopping around to find a bank account that addressed their personal needs.
Only 6% chose their bank based on its customer service, with 20% instead opting for a bank near where they worked or lived, 19% choosing one that simply had a lot of branches and 11% admitting they were still with the bank their parents chose for them as a child.
Huw Davies, Head of Personal Banking at Triodos Bank, said: ‘The general public is feeling let down and disillusioned with the banking sector so it is not surprising that this many people struggle to find a reason to recommend their bank.
‘With so many Brits feeling this way about the banks at the moment, we’d like to challenge people to turn this dissatisfaction into action.’
Which? Current account customer satisfaction survey
The figures from Triodos back up Which? findings that a large number of customers are unhappy with their current account provider.
Our members gave Bank of Scotland, Santander and Halifax particularly low marks in our latest customer service satisfaction survey, with these three banks scoring just 45%, 47% and 48% respectively – compared with an average of 61%.
However, not all banks scored badly – First Direct (88%) and the Co-operative Bank (86%) performed well, suggesting that switching your current account to a new, top-scoring provider could make a real difference to the level of customer care you receive from your bank.
For more banking tips visit the Bank accounts section of the Which? website. Alternatively, if you’re thinking of switching banks, see our advice on How to switch current accounts.
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