Enhanced customer
service and longer opening hours may be wasted on potential account
switchers, who now favour cash incentives and value for money,
according to a report from pollsters YouGov.
Respondents were asked
what banks would have to offer before they would consider a change
of provider. ‘Better value for money’ (50%) and ‘[lower] bank
charges’ (49%) the topped the poll, leaving ‘customer
services’ (42%) trailing in third.
Go deeper with GlobalData
Furthermore, ‘longer or
more convenient bank opening hours’ ranked lowly in reasons to
change bank providers, with only 29% of consumers valuing this
incentive over the others.
While 46% of consumers
said that the quality of customer service had become more important
to them over the past two years, 60% said that the quality of
internet banking services was a more important factor in
determining their choice of bank.
Todd Davies, Financial
Services consulting director at YouGov, said:
“Consumers want good
telephone banking services and websites that make it easy to manage
their finances. For Metro Bank, the prospect of great service in
branch along with other features such as longer opening hours has
worked in attracting customers in their first few
months.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“However, the fact remains, most
consumers are rate and fee sensitive and it is these things that
continue to drive the selection of providers.”
