Millions are dissatisfied with their bank but don’t bother to change, research shows

Some 10 million Brits can’t find a single reason to recommend their bank and over a third say excessive bonuses and profits mean they won’t refer a friend, new research reveals.

As the nation’s biggest banks are busy sharing their latest profit reports with the City, research from Triodos Bank shows that two in five people are dissatisfied or disaffected with their bank and nearly two thirds crave a bank that shares their values.

Customer service is a driving factor, with more than a third, some 38% of those who would not recommend their bank citing poor service as the reason. And 37% of those who won’t refer a friend say it is due to their bank’s financial excesses including the hefty bonuses it gives to staff and its excessive profits, while 29% claim it is because their bank doesn’t treat them as an individual.

‘The general public is feeling let down and disillusioned with the banking sector so it is not surprising that this many people struggle to find a reason to recommend their bank, and that there appears to be such high levels of dissatisfaction. With so many Brits feeling this way about the banks at the moment, we'd like to challenge people to turn this dissatisfaction into action,’ said Huw Davies, head of personal banking at the ethical and sustainable bank.

Despite the nation’s disillusionment, the reasons that people initially choose their bank do not address their primary concerns, the research also found. Only 6% chose their bank based on its customer service and only 7% chose their bank for its values.

Instead, people are failing to make a proactive choice about their bank, with one in five opting for a bank near where they worked or lived at the time of choosing and 19% opting for a bank that simply had a lot of branches. One in ten, 11%, even stated they are still with the bank their parents set them up with when they were a child and haven’t changed it since.

The research also found that 61% of people feel that using a bank that has values they identify with is important, yet few people consider this when initially choosing a bank. Over a third of UK consumers state that a bank that places importance on issues such as the environment, human rights and sustainability is important to them, which demonstrates that people want more from their banks, but are doing little about it at the moment.

‘Triodos Bank aims to show customers that a bank can have a positive impact on society and the environment. We want to encourage people to take an interest, to become involved and look more closely at the bank they use and how their savings are invested,’ said Davies.

‘Our customers will always know how we are investing their money, and that it is being used to help make the world a better place. Saving with Triodos means you can get a good return, and your money can do much more than you ever thought,’ he explained.

Triodos Bank also aims to bring people’s interest back to banking, to learn about where their money goes and to understand that there are banks which aim to help improve the environment and society.