Fujitsu Consulting Survey reveals 80 per cent of bank customers would consider switching due to poor service

From PR Domain:

In a survey of more than 26,000 retail bank customers, launched today by Fujitsu Consulting, 80 per cent of respondents said they would consider switching financial service providers. In the report, entitled ‘Toxic servicing: eroding profitability in the financial services sector’, poor servicing (31 per cent) ranked as the number one frustration among financial services customers, three times greater than the next biggest frustration, which is complex terms and conditions (10 per cent).

Examples of toxic servicing include being passed around in a call centre, having the phone put down on them (eh?), poor product knowledge amongst branch staff and hidden fees and charges.

As a result of these issues, 80 per cent of survey respondents said they would consider switching banks. While 26 per cent said they would switch to find a better rate, 23 per cent are looking for better service, followed by a better product (19 per cent), more loyalty rewards (17 per cent) and if banks made it easier to switch (six per cent).

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