May 09 ,2018 | by LSBF Blog Staff

Trust in UK banks reaches highest level since 2012

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A new study from management consulting firm Accenture has shown that trust in UK banks has reached its highest level since 2012.

The company’s UK Financial Services Customer survey 2018 surveyed more than 4,500 people in the UK who use banking, wealth management and insurance services and found that consumer trust in banks has increased over the past couple of years, rising by 11%.

Satisfaction

The study showed that 40% of respondents now trust banks, bringing trust in the banking sector to the same level as consumer trust in supermarkets and higher than web and social media firms.

Consumer satisfaction in banks has also reached its highest level in six years, with the number of UK consumers who are satisfied with their bank rising from 57% in 2012 to 70% in 2018.

The research also showed that as digital services increase in popularity, UK consumers are making fewer visits to bank branches. Bank branch usage has declined over the past few years, with just 32% now visiting their bank branch at least once a month, down from more than 50% in 2015.

Despite this decrease, UK consumers still want human interaction when it comes to banking services. 70% said that they would like to raise complaints with a human, whilst more than 60% of respondents said that they would like the option of opening an account in person.

Conversation

Commenting on what consumers want when it comes to banking, Accenture Distribution and Marketing Practice UK Managing Director Peter Kirk said: “Consumers want natural conversation with a bank that understands their needs and acts in their best interest, while keeping their data safe and secure.”

 

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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