You are here: Home - News -

A third of consumers want to bank with supermarkets

by:
  • 13/07/2012
  • 0
A third of consumers want to bank with supermarkets
A third of UK consumers would like to bank with a company that offers services other than banking, according to research by uSwitch.com.

The study said that 80% of consumers would consider switching their bank accounts and mortgages to a new provider, with retailers such as M&S and ASDA posing the biggest threat to traditional banks.

With banks like NatWest and Barclays facing recent difficulties, 60% of customers believe that new providers are able to outmanoeuvre traditional institutions and offer a better deal, learning from the problems banks have faced.

A third of respondents said they would prefer to bank with a company which offers services such as grocery shopping.

Michael Ossei, personal finance expert at uSwitch.com, said: “This research suggests that the traditional banks face the biggest threat to their territory ever.

“While many of them are actually behind the supermarkets’ early forays into finance this may be something they come to regret. These brands have the consumer backing and the clout to be able to go solo and to show the banks a clean set of heels.

“Supermarkets in particular are in a unique position to benefit; with a third of consumers saying they would want to bank with a company that they regularly use for something else, such as their grocery shopping.

“But it’s not just convenience that is winning consumers over. Nearly 70% believe a supermarket or high street brand will provide the best customer service, while 52% believe they offer the best value for money – compared to only 9% for the traditional high street banks.”

There are 0 Comment(s)

You may also be interested in

Read previous post:
Star Letter logo
Star Letter 13/07/12

Each week Mortgage Solutions picks the best reader contribution from our article comments and letters to the editor.

Close