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PPI: Britons 'less loyal' to banks

UK consumers are now less loyal to their banks than in previous years, according to new research.

A survey by market research firm JD Power and Associates has revealed that 12 per cent of British bank customers plan to switch providers in the new year, compared to ten per cent in 2008.

Furthermore, around seven per cent of Britons have already switched banks this year, an increase of four per cent compared to figures from two years ago.

Respondents claimed that banks have become more driven by profits than providing good customer service, prompting many to switch to another bank.

Stuart Crawford-Browne, senior research manager at JD Power and Associates, claimed banks will need to overcome these "image problems" if they are to achieve future profitability.

He said: "Customers in the UK hold generally negative perceptions of their banks' motives, particularly regarding the pursuit of profit at the expense of the best interests of their customers."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800263491-ADNFCR

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