Banks ‘aren’t keeping their customers happy’

Banking groups in the UK are not keeping their customers happy, according to a recent study.

Figures compiled by YouGov on behalf of the Hartford Life company have shown that fewer than one in five Britons rate the service they receive from their bank as being good or very good.

Many people consult their bank before forming a debt management strategy but 38 per cent of those polled by Hartford said they switched their financial provider because of the poor service they received.

“The survey results clearly show that customer service has become a key differentiator in the financial services industry,” said Alistair Murray, director of customer service at the Hartford.

British banking groups recently told the Bank of England that they expect to see credit conditions continuing to tighten over the course of the next three months at least.

By Frank Charlton