Consumers in the UK trust traditional banks to provide financial services above retailers, supermarkets, and mobile operators according to a YouGov survey.

Over half of Britons (60%) say their bank is their most trusted provider of financial services.

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According to the study a quarter (24%) of Britons say they stay with their bank because switching is too difficult.

Over half (51%) say that a good online or mobile banking service is important to keep them with the bank.

The study, commissioned by Intelligent Environments, suggests that digital banking is becoming more of an important factor in customer loyalty.

Less than half (40%) of customers stated that ‘branch availability’ was a factor in determining their bank loyalty while 55% of current account holders surveyed use their local branch less than once a month.

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David Webber, MD of Intelligent Environments, said: "The Intelligent Environments research demonstrates that while customer loyalty to traditional banks remains strong, digital financial services delivery will be key to customer retention."

Webber added: "This sentiment amongst the important ’emerging banking generation’ of younger current account holders will propel banks to focus on their digital offerings if they are to compete with new entrants to the market, such as retailers, who traditionally have a much stronger focus on their online offering and service."

 

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