Bank “satisfaction” hits new lows

Well-known consulting business Accenture surveyed current account holders at the end of last year and the start of this. Their verdict on banks’ relationships with their customers is that they are,

“under increasing pressure several years after the financial crisis began – with loyalty, satisfaction levels and behavioural patterns posing new challenges”.

Translated into everday language, fewer of us are happy with our banks. 27% of us report that we are unhappy with the banking establishment to which we entrust our money. 42% of us would not recommend our bank to friends or family. 17% of us made a complaint against our own bank last year.

These dreadful statistics arrive at a difficult time. The problem is that it seems we’re all becoming a bit more dependent upon our banks once again, especially in terms of securing some financial support while household finances continue to be stretched.

The average level of household debt has been falling for some time, as has the use of credit cards. Not surprisingly in such circumstances the number of people needing to sign a Scottish trust deed has also fallen. 

But new reports show that credit card use is on the up again and that average personal debt is once again rising. We’re asking for the help of our banks again just when we trust  and like them the least.

It will be interesting to read about bank satisfaction again next year… as the current year looks likely to be difficult for households throughout Scotland.  

Can we rely on our banks to help in difficult times?