A fifth of UK homebuyers unhappy with bank pandemic support – Butterfield Mortgages

A fifth of UK homebuyers unhappy with bank pandemic support – Butterfield Mortgages

 

Newer homeowners were the least satisfied with financial firms as out of the 1,262 respondents, half of the 200 who had purchased this year were disappointed with their bank. 

Furthermore, a quarter felt their banks had not been proactive in giving them advice on how to manage their finances. 

This has led to customers rethinking who they bank with. Some 23 per cent said as a result, they planned to move some of all of their money to another financial services firm in the next 12 months. 

 

Customer communications 

As reliance on technology increased due to restrictions imposed on the UK, the research found 31 per cent of customers were frustrated by the ways their bank depended on chatbots and automated services.  

The concern regarding a lack of access to personal advice was apparent among respondents as 36 per cent of homeowners said they were worried their local bank branch could shut in the coming months. 

Alpa Bhakta (pictured), CEO of Butterfield Mortgages, said: “Homeowners across the UK are clearly frustrated by the way they have been treated by their banks during the pandemic, and this has led to a confidence crisis.  

“There’s no denying that Covid-19 has posed some significant challenges for banks, large and small. Nonetheless, today’s research shows that some firms have struggled when it comes to delivering the same level of customer service experienced before the pandemic. 

She added: “During these difficult times, banks cannot overlook the importance of delivering the same high standard of professional services. If they fail to adapt their services to cater for the new normal, there is a risk they could lose customers to rival firms.”