Perceptions of UK banking industry

09-Dec-2012

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Faith in the Banking industry low amongst High Net Worth Individuals – but are Private Banks like Duncan Lawrie part of the solution?

A recent YouGov survey conducted on behalf of Duncan Lawrie Private Bank has revealed a groundswell of discontent amongst  High Net Worth Individuals with a majority of respondents (70%)1 confirming that they have less faith in the UK banking industry than they had a year ago.

The poll was carried out by YouGov and Duncan Lawrie Private bank and the overall conclusion is that 71%1 viewed the industry as being dishonest. A separate survey suggested that no less than 79%2 believe that no amount of future regulation will immunise the sector from the shortcomings revealed by recent scandals.

Nor is it just the general lack of confidence in the high street banking system that is upsetting individual customers. It seems that its growing dependence on call centres and computerisation is proving particularly unpopular with no less than 76 %1 preferring a more traditional, personal relationship with an impartial bank manager when it comes to some or all of their accounts. Banks with split retail and investment functions were also popular.

With a fifth of respondents admitting that they are actively looking at possible alternatives2, Duncan Lawrie hopes that its survey will once again highlight the appeal of an independent private bank that still prides itself on traditional values and service with long term client satisfaction taking priority over the sort of sales target culture that appears to have embedded itself in high street banking.

References

 

  1. Report commissioned with YouGov between 14th and 16th August 2012 with a sample size of 1,008 UK HNWIs with over £250,000 investable assets.
  2. Data provided by Duncan Lawrie survey of 380 individuals earning more than £70,000 per annum in the UK. September 2012.

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