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Survey reveals what Britons really think of banks

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by Kay Mitchell

A survey carried out by communication consultants, Cohn & Wolfe, has revealed what UK consumers really think about their bank.

The organisation’s Financial Confidence Survey, which questioned 852 consumers earlier this month, discovered that 60% do not believe that their bank is looking after their best interests.

A consumer’s most popular description of their financial institution was ‘greedy’ (49%), followed by ‘impersonal’ (36%) and distant (34%).

The least popular words used by consumers to describe their bank was ‘ethical’ (2%), ’trustworthy’ (4%) and ‘transparent’ (5%).

Meanwhile, nearly three-quarters of consumers said they had not been contacted by their banks with advice on financial planning, suggesting that the vast majority of consumers feel neglected.

According to Ros Hunt of Cohn & Wolfe, the depth of resentment towards bank was ‘surprising’. The group is urging banks to consider how they can use their expertise to help consumers manage their finances during these difficult times.

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News posted: January 26, 2009

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