Study Reveals Growing Customer Satisfaction With UK Banks

Global Advertising Financial Service FS Advertising Media

UK consumers seem uncertain in their attitude towards banks and the services they provide, according to a new survey from consultancy firm Accenture.

The key finding from the poll, which interviewed over 3,800 people in the UK and Ireland, suggests that while consumers have become more loyal to their financial services providers, they have become more reluctant to recommend them to others.

The good news is that the general level of consumer satisfaction with the services provided is on the rise, with 60% of those polled claiming they are happy with their bank, compared to 56% sharing the same opinion in an earlier poll from 2011. In addition, the number of respondents who expressed dissatisfaction has fallen from 17% to 13%.

The study points to improvement in an area that consumers traditionally consider a weak point for brands – dealing with complaints. In the latest poll almost 40% find the complaints process adequate, whereas last year only 34% did so.

Moreover, loyalty has become more important, with just 11% of respondents claiming they have changed a service provider over the past 12 months. In comparison, last year 16% switched to another bank. The vast majority of those who decided to stick to their current bank say they were happy with the services, while 10% say they were put off switching by risks or the time it might take to switch banks.

Quite paradoxically, however, those who would willingly recommend their bank to relatives or friends have dropped significantly to 47%, from 61% last year.