Members of mutual societies trust their mutual four times more than plcs, according to a survey announced at the Building Societies Association conference in Harrogate by think tank Mutuo.
Over three quarters of those surveyed thought building societies offered a better deal than banks, two thirds agreed that they provided better feedback, and 75% liked the fact that building societies have no shareholders.
In its own annual survey Norwich and Peterborough Building Society (N&P) found that over 98% of customers believe it would better serve communities by remaining a regional, mutual society ‘ a 2% increase on 2002.
The survey shows branch networks are still highly regarded, with only 4% of customers using the internet, call centre or postal system as the sole means of communicating with N&P. However, only half of customers surveyed visited the branch every week, down from 61% last year, but 12% visit their branch daily, up from 8% in 2002.