New banks 'have not gained people's trust yet'

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New banks 'have not gained people's trust yet'

The lack of overwhelming interest in new current account providers such as Virgin and Tesco has a lot to do with trust, according to a finance expert from uSwitch.

Spokesperson for the website Jo Ganly suggested the mark of consumer trust can be seen when large numbers of people feel confident enough to move their money over to a financial institution.

She claimed many consumers are testing the waters with companies such as Tesco and Virgin by taking out "low risk" products like credit cards with them.

"People are worried about security, confidence and expertise - not surprising given the financial crisis the country has been through," noted Ms Ganly.

In her view, individuals may even be aware that the service provided by another firm would be better than what they are currently receiving, but they are held back by a lack of confidence.

Her remarks follow research by Moneywise, which found only a small number of companies in the financial services sector are perceived to offer great service to customers.

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