Banks pay price for poor service

One in five people voted with their feet over bank services, a survey suggests

One in five people has changed bank during the past two years because they were unhappy about the way they were treated, according to a survey.

Around 21% of people said they had voted with their feet and moved their account after receiving poor service, according to business advice group Deloitte.

The research also found that people value good service more than they do high interest rates, with 66% saying they hold their current account with the bank that provides the best service, compared with only 30% who have opted for the provider offering the highest interest.

Consumers also claim it is important to have access to a branch network and face-to-face advice.

Just over half of people said they would open a savings account only with a bank that had branches they could visit, while 65% would take out a mortgage only after speaking to an advisor face-to-face.

Six out of 10 people also said they would be more likely to open a current account with a bank that had branches open during the evening and at weekends.

Neil Tomlinson, head of retail banking consulting at Deloitte, said: "The importance of branches in the banking sector must not be underestimated.

"Branches remain the primary channel through which banks interact with many of their customers and any businesses considering expanding their remit to include banking services will need to incorporate a branch network."