Banks still have a long way to 'go to repair trust'

Customer service levels improved over the past year in the retail banking sector, but financial institutions still have a long way to go to rebuilt relationships.

That is according to new research from analyst Accenture, which indicates that bank customers are less likely to recommend their provider to others than they were last year.

The survey of 4,000 retail bank customers across the UK and Ireland did, however, indicate that switching providers became less prevalent during 2011.

In total, 60 per cent were found to be satisfied with their banks, up from 56 per cent 12 months ago.

Peter Kirk, author of the research, said that the result show banks are trying to improve services and the ways in which they engage with customers.

"However, while customers may think their own bank is doing a decent job, the banking industry as a whole still has a long way to go to rebuild its reputation and win back the advocacy of its customers," he added.

Mr Kirk suggested that in order to further repair relationships, banks should invest more in improving customer service and addressing the demands of changing consumers, especially young people, who prefer digital channels.

If you would like to discuss how we can assist you further please contact us on: Tel: +44 (0)20 32077400 or email our team of advisers.ADNFCR-2318-ID-801277630-ADNFCR