Banks should be more customer focused, says consumer group

Banks have been urged to put customer service ahead of profit by consumer group Which?

Which? is calling on high street banks to introduce measures that aim to restore consumer trust in the sector.

The measures include replacing sales incentives on new financial products and commission for bank staff with rewards for providing high quality service and linking managers’ pay to long-term incentives so that banks become more customer focused.

It also says existing customers should not be excluded form new offers and deals to promote loyalty, and better support should be provided by banks for customers in financial difficulty.

Peter Vicary-Smith, chief executive of Which?, says: “Banks have been allowed to ride roughshod over their customers for too long. Mis-selling, poor products and unsuitable financial advice have become the cornerstone of the banking culture and this must change.

“Which?’s Banking Manifesto will put consumers at the heart of banks’ business and ensure that good customer service is put ahead of short-term profit.”

Metro Bank, which is poised to open its first high street branches is supporting the stores with local experiential activity in a bid to create a trusted community bank.

Comments

    Leave a comment