Bank customers not satisfied, says survey

A national survey of bank customers by brand consultancy Elmwood reveals that a majority of customers feel neglected by their bank.

According to the consultancy, 54 per cent of customers believe their banks put profits before customer service and value. The survey also reveals that customers are prepared to trust the brands enough to purchase extended ranges of products and services from their banks, such as package holidays or PCs.

Furthermore, 41 per cent of respondents said they would be happy to bank with BT and more than 20 per cent with Microsoft or Orange. Only 23 per cent said they would not bank with a non-financial services brand. Even brands such as Gap and Rover were popular with 13 per cent of potential banking customers.

Mobile and Web services were unpopular with 50 per cent of men and 70 per cent of women, who have satisfactory, existing relationships with their banks. And 70 per cent of respondents said they would not use WAP technology for banking.

“Our survey raised some interesting issues and produced a few surprises. However, whether or not traditional financial service brands will stretch to offer related services, or, that new entrants will erode market share, it is clear that customers want a very personal service,” says Elmwood head of corporate consulting Jayne Barrett.