Shoddy services motivate switching, says research

Almost half of all people moving current account providers are motivated by the poor service they receive, says new research.

Shoddy customer services were blamed by 48 per cent of people who switched current accounts.

Overall, 45 per cent of adults in the UK are said to have switched at some point.

More than a third said that the interest rate offered by their bank was important, but a scant one-five switched to find the best current account deal.

An insignificant one person in every 17 said that they thought they had been getting a bad deal before they switched.

“While innovative products and competitive rates are important, it’s service quality that makes or breaks the customer relationship,” explained Nick Sandall, head of retail banking at Deloitte, who commissioned the research.

“As the retail banks strive to become more cost-effective, service-related initiatives are often the first to go. This could be a short-sighted approach.

“All the banks are competing for the same customers and loyalty is key if they are to grow their market share. To achieve this, banks must differentiate themselves by providing a better customer experience. This can only be done if they fully understand what the consumer wants.”

© Adfero Ltd

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