Over a third of Brits haven’t switched banks in over a decade

A survey of 1,000 UK consumers reveals the UK’s top financial institutions for customer service, loyalty and trust.

Over a third (39%) of UK consumers have held a current account with the same bank for more than a decade. That’s according to new State of Finance research commissioned by the leaders in experience management, Qualtrics.

The Qualtrics research, which surveyed over 1,000 UK consumers, highlighted significant loyalty across the financial sector, with 70% saying they plan to continue banking with their current provider for at least the next two years.

A third of respondents have only used one financial service provider in the last year. On average, UK adults have accounts (for example, credit cards, current accounts, loans) with two to four different organisations. Of those who do stick with a single supplier, 38% are only doing so for reasons of consolidation and convenience.

Commenting on these findings, Luke Williams, Customer Experience Strategy Lead at Qualtrics, said: “Many brands in the financial sector are experiencing low customer churn, but they should be careful not to get complacent in the face of these stats.

“As our research shows, it’s easy for brands to confuse an unwillingness to switch due to convenience with genuine customer loyalty. To turn customers into loyal fans, brands need to continuously innovate and ensure they are offering the best possible experience. Convenience may encourage customers to stay, but it takes memorable experiences to convert them into advocates of your brand.”