New research into bank loyalty has revealed service is more important to customers than brand names.
Grass Roots surveyed over 5,000 banking customers of the main UK banks and found customers that experience staff who are unable to handle a basic query are three times more likely to change provider.
Additionally, customers are six times more likely to buy additional products if service is rated very good instead of poor, said the study.
Customer loyalty towards banks does not look optimistic with 54% of respondents admitting they would switch their bank if tempted today. However, the survey revealed banks are generally considered as trustworthy, with helpful and friendly local staff.
Nigel Cover from Grass Roots said: “It is really interesting that 54% of UK customers would switch their bank if tempted, particularly considering that over three quarters of those surveyed have been with their current bank for more than six years.
“So, they have remained loyal through the last few turbulent years in retail banking – yet they desire better service. There’s clearly an opportunity here for the leading financial service providers to train and motivate their staff to deliver operational excellence to ensure their customer base is satisfied, remains loyal and grows in the future.”