Word of mouth affects UK opinion of financial services, expert claims

Tue, 11 Jul 2006

Over one-third of UK consumers have avoided particular savings accounts, credit cards, personal loans and banking services due to a friend's advice, an expert states.

Also, more than one-third of UK consumers have switched financial services provider due to poor levels of customer service, the analyst reveals.

Emma Butler, editor of Moneyfacts, believes that customer service is a high priority for consumers of all financial services.

Ms Butler adds that while internet and telephone services are increasingly popular, many customers prefer face-to-face dealings.

"Our finances are something we take very seriously and can potentially cause a lot of stress in our lives," she said.

"Thus, whichever channel we choose to manage our money from, when we want to talk to someone or need some assistance, we want to be treated fairly and receive a good service."

Ms Butler continues that costs involved in switching personal loans and mortgages may prevent many customers from switching provider, although 18 per cent do switch mortgage provider due to poor service.

Moneyfacts is an independent financial advice service which provides comparisons on a wide range of financial services.

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