The banking sector through the eyes of the UK public
Discover in this report how consumers feel about banking in the UK, who they bank with, what they believe their bank are doing well, and where they need to improve their offering.
On the whole, our panel seemed relatively happy with their bank; sentiment analysis revealed that just over 85% of the panel commented positively.
Although there was a wide spread of UK banks our panel currently have an account with, there seemed to be a number of running themes with what the banks are doing well, and where they need to improve their offering.
Over 85% of the panel were happy with their bank:
A large proportion of the panel stated that they had been with the same bank for a long time, some right from when they first opened a bank account, meaning due to their loyalty they had never had a problem getting a loan from the bank. Although a small proportion felt that they were not receiving the best offer from their bank; wanting their bank to be more proactive, as only when they went to leave the bank would the bank then offer the best rate.
Types of accounts
Many felt their bank lacked key customer service, that when they go in they are not greeted well – it almost seems an inconvenience that the customer is there, others did not like the number of machines in place of jobs employees would normally do. However, not everyone had had the same bad experiences – Kerry, from Colchester, said “[Natwest] have always got time for me”.
There was a running theme that a number of the panel would like the rewards and features of their account to be individualised to them – as some felt that they were not using their bank account to its full as they simply did not need some of the features.
Internet and in-app advertising is highly important to a number of the panel, as a proportion of the panel would solely use the Internet for banking – others liked the freedom online banking provided, that they complete their transactions without being confined to the 9 to 5 of high street banking.