Mortgage News
31% more customers trust mutuals than banks
Customers of mutuals are happier overall with their financial services provider than their plc counterparts.
Research conducted among 4,781 UK customers of building societies and banks revealed that 31% more of the former than the latter believe they can trust their provider to act in their best interests.
When asked whether their provider offers good value for money, 30% more mutual customers than plc answered in the affirmative, while 25% more say they would recommend their mutual provider to friends and family than plc customers.
When asked whether their provider was an important part of their community, 24% more mutual customers than plc said this was the case.
Vince Cable, secretary of state for business, said: “Building societies have historically played a big role in financing homeownership and represent longstanding, responsible means of homeownership.
“There is a strong case for a more varied banking sector and those mutuals which resisted the lure of conversion to plc banks continue to provide a different business model…without the pressures to produce shareholder returns.
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“They have a noble record of helping people get ahead, and are surely a key part of our future.”
The YouGov research forms part of a report on mutuals’ role in local economic and community development, to be presented to members of the Treasury Select Committee later today.