A third of banking customers have lodged an official complaint with their primary bank in the last five years – equating to over 30m, according to new research.
Avanade and Vanson Bourne surveyed 2,000 consumers and found ‘unfair charges’, such as overdraft and late payment fees, was the most common cause for complaint with 38%. Nearly one in five respondents reported being unfairly charged at least monthly, said the report.
Poor customer service ranked the second reason for complaint with 27%, according to the figures. One in twenty respondents admitted complaining about excessive marketing but one in eight believed their bank could add greater value by communicating more relevant marketing messages.
However, the majority of those surveyed (70%) claimed to be happy with how their complaint was handled.
Meanwhile, the research also showed that over 70% of respondents used services from multiple providers whilst 43% of consumers admitted to joining a bank because of its good service (43%) or because their parents banked with them (22%).
Nic Merriman, Avanade UK Financial Services CTO, said: “Banks continue to be under enormous pressure to deliver the best possible customer service and with fierce competition in the sector there’s little room for mistakes — let alone 30 million of them. UK banks need to focus more on customers, thinking about their customer needs and wants from the outset, delivering better services to help prevent reaching the complaint stage.”