21% of banking customers have moved their banking relationship over the past two years due to their dissatisfaction with the way their bank treated them, highlighting the need for banks to ensure they are focused on customer service.
According to a YouGov survey for Deloitte, the business advisory firm, the existence and accessibility of branches, along with face-to-face interaction, remains a key consideration for customers with 53% saying they would only place their savings in a bank with branches they could visit and 65% saying they would only take out a mortgage after speaking with an advisor face-to-face.
Also, customers place more importance on the level of service they receive than on the interest rate when choosing which bank to have their current account with. 61% have their current account where they get the best level of service, whereas only 30% choose to have their current account where they earn the highest credit interest.
Neil Tomlinson, head of retail banking consulting at Deloitte, said: “The importance of branches in the banking sector must not be underestimated. Branches remain the primary channel through which banks interact with many of their customers