Tesco Bank Outage: Stats Reveal 43% Plan to Switch Banks

  • David Webster, Financial Services specialist at GMC Software

  • 22.06.2017 08:15 am
  • Banks

These Tesco Bank problems come at a time when people are fearful that the rise in remote banking will see customer service nosedive. Our recent research of 2,000 UK consumers with TNS revealed almost four fifths (79%) of people are worried that the shift from the traditional branch-based approach to mobile apps and online banking will have a negative impact on customer service.

“There’s a perfect storm brewing as consumer expectations grow and as it continues to become easier to compare banks’ offerings and switch or spread your accounts across multiple providers. The research also revealed 43% of UK consumers plan to switch banks in the next year, which means banks should be looking over their shoulders. To stop an exodus, banks must prove they can be depended upon whenever their services are needed, and communicate effectively, ensuring they are able to tell account holders what they need to hear, when they need to hear it, over the right channel.

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