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Confidence wanes in banks

03 July 2012 5:08PM
Only 32 per cent of customers in Australia are "very satisfied" with their banks and 52 per cent say that their confidence in the banking industry has fallen during the past year, a survey by Ernst & Young found.E&Y published the survey finding as part of global consumer banking survey published overnight.The research, based on online surveys of 1000 people, provides an alternative snapshot of consumer views on banking themes to complement the long running data compiled by Roy Morgan Research.Taking into account the number of bank customers who are "satisfied", which is 56 per cent, the percentage of bank customers who are content with their banks is 88 per cent on the E&Y internet-based survey. This is around 10 percentage points higher than reported by Roy Morgan.Of the finding that a majority of those surveyed in Australia were less confident about their banks, Paul Sivour, head of banking and capital markets for Ernst & Young in Sydney, said: "one driver may be the very intense media and political debate" over margins and the connection to the cash rate.'That's much more intense in this jurisdiction than in other jurisdictions."Consumers may not be that active managing the situation, however.Only 38 per cent of those surveyed say they use more than one bank to obtain the best rates and fees, a low percentage by comparison with other markets in Asia. Eighteen per cent of people said they used three or more banks. The survey shows 46 per cent of customers have changed their main bank.Consumers are using modern tools to look around for information on their options, with more than half making use of comparison websites (a percentage that operators of those website suggest is even higher based on their research).The survey found that 72 per cent of customers would be willing to share personal information to receive better service from their bank.

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