Banking customers switching financial services providers, survey shows

Mon, 31 Oct 2005

Banking customers seem to be more prepared to switch financial providers than before, new research shows.

Over the last year, one in six banking customers have switch mortgage lenders or current or savings account providers, Group 1 software research reveals.

Two years ago the figure was one in twelve, the company says.

This changing attitude comes as people get more used to shopping around for the best deals and demanding higher service standards, the company's director, Andrew Greenyer, told BBC News.

He said that because banks now have fewer branches and more call centres, which are often located abroad, a "broken link" exists between banks and their customers.

Banking customers are also becoming better informed about financial services, Mr Greenyer says.

The Group 1 software survey questioned 1,000 British companies.

Overseas outsourcing of call centres has come under renewed scrutiny following a survey by Harris Interactive.

Four out of five British adults reportedly feel negative about offshore call centres, it was revealed.

Harris Interactive warned organisations that use overseas call centres that they may damage their brand and reputation, as it found that 47 per cent of adults lose respect for companies with offshore call centres.

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