Customers losing faith with their bank

Published on

LIBOR

MoneySupermarket has found that the majority of respondents to its recent poll say the recent banking turmoil has had an effect on how they think about their own bank.

The site polled its users on whether events have affected the way they view their bank, and 54% said it had impacted.

18.4% polled said they had lost trust completely and as a result will look to move their account elsewhere. A further 27.1% also stated they trust their banks less, but won’t switch as they view them as all the same, demonstrating that apathy amongst consumers still remains when it comes to switching. 8.5% said they would like to change their bank but think it would be too much hassle.

However, 20.4% of site users stating they are happy with their existing provider.

Meanwhile, over 17% already mistrusted their banks anyway and their view has not changed either way since the turmoil, showing the low levels of bank trust that already exists amongst consumers.

“It is not surprising the recent high profile issues in the banking sector has impacted the levels of trust consumers have towards their banks, with some choosing to take action as a result, but consumers should make sure they are moving for the right reasons,” said Kevin Mountford, head of Banking at MoneySupermarket.com.

“It’s interesting that despite many consumers trusting their banks less, they are not planning on switching and many are put off by a belief that switching is a complex process. The reality is that switching is fairly easy, with many banks having dedicated teams to ensure the move runs smoothly.

“Consumers need different things from their current account, some are always in credit and will find that cash incentives are the best way to maximise returns, but others will need to consider various overdraft charging structures.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

1 COMMENT

  1. I have for many years understood that banks primarily look after their own interests first and customers interests if they should coincide.
    I am livid to see how far up the management line this goes and had not appreciated that lying and manipulation of the underlying fundamentals of banking was so culturally ingrained.

Comments are closed.

Latest articles

The Marsden appoints chief customer officer

Marsden Building Society has appointed Julia Brook as chief customer officer. Brook (pictured) will be...

Limited company landlords expect yields to rise despite higher costs

Most residential limited company landlords expect rental yields, demand and property values to increase...

Darlington posts record lending as mortgage growth lifts assets above £1bn

Darlington Building Society reported record gross mortgage lending of £234m in 2025, as the...

Twenty7tec hires Nick Wakeham to lead data sales push

Twenty7tec has appointed Nick Wakeham as head of data sales as it looks to...

SAMPAN to hold second mortgage industry event in Solihull

The South Asian Mortgage Professionals & Allies Network will hold its second industry event...

Latest publication

Other news

The Marsden appoints chief customer officer

Marsden Building Society has appointed Julia Brook as chief customer officer. Brook (pictured) will be...

Limited company landlords expect yields to rise despite higher costs

Most residential limited company landlords expect rental yields, demand and property values to increase...

Darlington posts record lending as mortgage growth lifts assets above £1bn

Darlington Building Society reported record gross mortgage lending of £234m in 2025, as the...