Borrowers reveal lender worry

Grant Bather

June 7, 2006

  • 50% of consumers have moved savings account because they were dissatisfied with customer service.
  • 62% do not think their mortgage provider would help them if they were in financial difficulty.
  • 89% consider themselves long-term customers of their bank.
  • Bad press has stopped 49% taking out a credit card from a particular provider.

Emma Butler, moneyfacts.co.uk editor, commented:

“Customer service is something that doesn’t appear to get the focus it once did, perhaps because providers are concentrating on the provision of internet-based accounts. However, the results of the latest Moneyfacts.co.uk survey only goes to emphasise that consumers expect to receive a decent level of customer service when visiting a branch of their bank or building society or telephoning a call centre. Whilst product providers are focusing on boosting revenue that can be made from cross-selling additional financial products, there needs to be a willingness and commitment to deal with customer enquiries as well. If consumers have a query or problem with their account, and receive the relevant help, this will go a long way to making them feel that they are a valued customer, which in turn should make them more likely to buy further financial products from their particular bank or building society.

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