UK consumers are more likely to switch banks due to a bad experience than for rewards and incentives.

Research by NCR Corporation also found that one in ten consumers don’t think any financial service provider delivers a good customer experience, with one in five believing ‘they’re all the same’ when it comes to customer experience.

Forty nine per cent would switch banks due to service quality issues, including bad in-branch experiences, a lack of personalised advice and alerts and poor access to consistent information, offers and transactions. The study also shows financial services providers are facing challenges to create a strong and distinctive brand. A fifth of consumers polled couldn’t single out a bank that offers the best customer experience and think they’re all roughly the same.

“Despite financial services providers’ best efforts to entice customers with rewards, ranging from insurance, airport lounge access and cash, it’s a good customer experience which matters most to Britons,” says Ben Gale, regional VP Western Europe, NCR Corporation. “Banks now need to deliver a more efficient, customer-focused and innovative offering than ever before to reconnect with consumers to earn their loyalty and spur them to switch.”

The research also asked consumers to name their biggest banking bugbears. Topping the list were: Lengthy queues in bank branch because other customers are carrying out tasks they could quite easily do online or at ATMs - like transferring money or making deposits; Branches that have restricted opening hours and are busy and understaffed at lunch time; Having to join a single queue in branches, regardless of what you need to do, resulting in long wait times; Tellers who sit behind security screens which means you have to raise your voice to be heard.

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