Banking customers in Ireland were found to be least satisfied with their banks than any other country in the world, according to the new ‘2014 Global Banking Survey’ by Ernst and Young (EY).
The study, which questioned 32,000 retail bank customers globally including more than 400 in Ireland, found that consumer’s trust in banks is increasing in many countries across the world, but it has decreased 62% since 2012 in Ireland.
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Ireland, Denmark and Spain also reported highest customer complaints and least satisfaction with how their problems were handled, with only 50% Irish customers citing satisfied with complaint handling than 67% globally.
EY financial services advisory division director, Patricia Stack, said the Irish results were surprising given that Ireland’s banks have been investing heavily in customer service of late.
"The high level of customer complaints is a strong signal that banks need to get better at communicating their fees and charges with their customers.
"The good news is that solving a problem or addressing a complaint creates a critical customer interaction, which, if done well, can actually increase a customer’s business," Stack added.
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