Belfast Telegraph

Wednesday 23 July 2014

When it comes to service, the banks fail us

INDEPENDENT research shows customer views about the service they receive from their building society to be much more favourable than their views about the service from their bank.

For example, 62% of consumers, in a survey that the Building Societies Association commissioned from YouGov, said they trust their mutual provider to act in their best interests. The equivalent figure for banks is 42%.

And 66% of consumers said their mutual provider gives value for money, compared with 45% saying the same of their bank.

The big financial scandal of the past decade is the mis-selling of payment protection insurance.

Building societies exist to serve their customers – their owners. Banks exist to pay dividends to shareholders by making profits out of consumers.

ADRIAN COLES

Director-general, Building Societies

Association

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