Co-operative notes changing allegiance among banking customers

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Co-operative notes changing allegiance among banking customers

Thu 17th Jun 2010

Banking consumers are more likely to switch sides during the World Cup than to change their bank accounts, according to one study.

Research from the Co-operative Financial Services found that just 29 per cent of people are prepared to switch bank accounts, even if they are unhappy or have faced poor customer service.

But the same people are more likely to change to a different football team in the World Cup should the one they are following be knocked out in 31 per cent of cases and, while 32 per cent would turn their backs on a team because of badly behaved footballers.

Rod Bulmer, managing director of retail with the Co-operative Financial Services, stated it was "extraordinary" that people were more likely to change their football team than bank "given the lack of trust and poor customer service that many receive".

Consumers who are concerned about sustainability may be inclined to turn to the Co-operative, after it was named as Sustainable Bank of the Year by the Financial Times.

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