The research found that three quarters (77%) of consumers want to see more competition from ‘challenger banks’, with four in ten (39%) calling for more ethical and sustainable banks.
Asked what it is they’d like challenger banks to do differently to the current mainstream, people said not paying big bonuses was their most pressing concern (51%), followed by providing good customer service (49%), onesty and integrity (48%) and transparency (39%).
A comparison of this year’s research with 2014 found a growing number of people thought challenger banks should differ from the mainstream across each of the areas surveyed. Bonuses and customer service showed the biggest increase, both growing by 10% over the year. Honesty and integrity also showed significant growth of 7%.
Huw Davies, head of personal banking at Triodos Bank, commented:
“This research suggests that there is still a large degree of customer dissatisfaction with themainstream banking industry, and a desire for alternative banks to challenge the status quo.
“The fact that 39% said they want to see more ethical or sustainable banks in the UK shows that there is genuine appetite for a change.”
