A customer satisfaction survey by consultancy
firm Accenture has shown that the number of current account users
that are satisfied with their bank has risen from 56% to 60% in
2011, while the number of customers complaining about their bank
has decreased from 17% to 13%.  

However, the survey has revealed that the
number of British customers who would recommend their bank to
family and friends has fallen in 2011 from 61% to 47%.

The new Accenture research surveyed
approximately 4,000 current account customers in the UK and
Ireland.

Less than half of the customers surveyed by
Accenture believe their bank to be transparent and fair (43%) or
providing good value for money (43%).

Peter Kirk, author of the research, and head
of Accenture Banking Distribution and Marketing Services in the UK
and Ireland, said, “These results show that the banks’ efforts to
fix underlying service issues and engage better with their
customers are working.”

“However, while customers may think their own
bank is doing a decent job, the banking industry as a whole still
has a long way to go to rebuild its reputation and win back the
advocacy of its customers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Accenture survey showed that switching
levels among banking customers declined in 2011. Only 11% of
respondents across the UK and Ireland said they had recently
switched one or more products from their existing bank, compared
with 16% a year ago.

In 2011, 6% customers switched their current
account. Of those customers, 23% experienced problems with the
process but a large majority said switching was worth it, and 75%
said they were pleased to have switched.

Of those who did not switch their main current
account, 90% had no desire to change providers, and of the rest who
wanted to switch did not do so, either thinking the process would
be too risky or that it would take too long.

“With nearly a quarter of those switching
their current account still experiencing problems, the industry
certainly needs to tackle the shortcomings in the system to create
fluidity in the market.

“However, there is also a clear problem that
customers perceive the switching process to be overly cumbersome,
which does not necessarily match reality, and this needs to be
addressed.”  

Kirk added that to rebuild relationships,
banks need to “invest more in improving customer service, including
meeting the demands of the changing consumer – especially young
people, who want to be able to do their banking when it suits them
by using digital channels, such as online, mobile and social
media”.

Kirk also suggested that banks consider
rewarding customers through loyalty schemes.

Accenture has a staff-strength of more than
244,000 people across 120 countries.