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UK Banks must try harder- 5.6 million* customers more dissatisfied with their bank than last year
- Over one in ten customers are more dissatisfied with their bank than last year
- Nine million** customers would not recommend anyone to their bank
- 30% blame excessive bonuses and profits
- One in eight (13%) are still with the bank their parents set them up with when they were a child
- Brits urged to vote with their feet and change to a better bank
With reporting and bonus season in full swing, research from Triodos Bank reveals that things have become worse for many consumers, as over 5.6 million bank customers (11% of the adult population) are more dissatisfied with their bank than last year. For three quarters of Brits, there has been no change since last year as their feelings towards their bank remained the same.
Research from the ethical bank found almost nine million (18%) customers would not recommend their current bank to family and friends. Four out of ten of these unhappy customers (40%) would not recommend their bank due to poor service, and almost a quarter (24%) blame the banks hefty bonus practice as a reason to not recommend it. 18% won’t advocate their bank because of its excessive profits and almost a third (30%) claim it is because their bank doesn’t treat them as an individual.
However, the current concerns facing society are not reflected by the reasons people choose their bank. The most common reason for picking a bank is down to convenience. A quarter of Brits (25%) chose their current branch because it was close to work or home; regardless of rates or business model. Only seven per cent chose their bank for its values, and interestingly only seven percent opted for their bank based on the best interest rates. One in eight (13%) 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.
Huw Davies, Head of Personal Banking at Triodos Bank, said: "Surely it should be possible for banks to do more and make things better for their customers and for society as a whole; more than a tenth of people we surveyed are more dissatisfied with their bank than last year, and 9 million people wouldn’t recommend it. With so many Brits feeling fed up and dissatisfied with banks at the moment, we’d like to challenge people to vote with their feet, and move their savings to a better bank."
The research also shows that it is not just customer service, products and excessive bonuses that are swaying people’s views; people care about where their money is used. Over a tenth (12%) of those who would not recommend their bank said this is because of its lack of lending support to UK businesses, and a further 12% because of its lack of lending to individuals who need funds. Brits obviously care about what happens to their money too as 6% think their bank lacks green and ethical policies.
Huw Davies continued , "Triodos Bank shows customers that a bank can – and should - have a positive impact on society and the environment. We want to encourage people to ask questions, to become involved and look more closely at their bank and how it uses their savings. At Triodos Bank, 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 financial return, and your money can do much more than you ever thought – having a positive impact on people, society, and environment, and not being used to support industries and practices that many people disagree with".
Via the website www.knowwhereyourmoneygoes.co.uk
Via the website www.knowwhereyourmoneygoes.co.uk savers can see the projects their deposits are funding, such as the solar PV installation at Glastonbury’s Worthy Farm, Hugh Fearnley-Whittingstall’s River Cottage, green power company Ecotricity and more than 1,500 other sustainable enterprises. In contrast to the opaqueness of more mainstream banks, Triodos publishes to its customers exactly how their money is being used.
For more information, comment or a case study, please contact:
020 7566 9731
Notes to editors
* UK Adult (18+) population based on 2008 ONS projections for 2012 = 49,924,000
230 of the total sample size 2019 (11.39%) indicated they are slightly or much more dissatisfied with their bank than they were last year.
49,924,000 x 11.39% = 5,586,344 (5.6 million)
** UK Adult (18+) population based on 2008 ONS projections for 2012 = 49,924,000
363 of the total sample size 2019 (18 %) indicated they would not recommend their bank.
49,924,000 x 18% = 8,986,320
20 of the total sample size 2019 (6%) indicated they would not recommend their bank due to their lack of green . ethical policies
49,924,000 x 6% = 2,995,440
About Triodos Bank
Triodos Bank only finances enterprises which create social, environmental or cultural added value. Key sectors include organic food and farming, renewable energy, social housing, and fair trade. Transparency is a core value: customers are informed about the bank’s lending and can target their savings to particular areas of investment. A range of personal savings accounts is offered, and full banking services are available for businesses and charities. Triodos Bank is an independent bank founded in the Netherlands in 1980. Its principles and independence are protected through a special shareholding trust. The UK office opened in 1995 and is based in Bristol.
Triodos Bank offers a range of personal savings accounts as well as other investment opportunities. www.triodos.co.uk