Banks turn corner on public trust, says new survey

After years of reputational issues and costly scandals, banks are finally winning back the public's trust, according to new research from uSwitch.com.

The 2014 uSwitch Current Account Awards, based on votes from over 10,000 customers, reveals almost three quarters (72%) now trust their current account provider.

First Direct is the best bank in the eyes of consumers, coming top in eight of nine categories while Co-op Bank, after a troubled year, holds third position in categories including 'Best Current Account Provider' and 'Most Trusted'.

With consumers beginning to demand more from their banks, larger players such as RBS will also need to up their game, maintains uSwitch.com, as it was voted the worst current account provider overall, coming last in all categories but one. Other members of the big four - notably Lloyds and HSBC - also performed badly, failing to secure a top-three position in any of the categories, it points out.

David Mann, Head of Money at uSwitch.com, commented: “Where you keep your hard earned-cash should be as important as how much you earn in the first place - so it's great to see a healthy level of trust between banks and their customers. However, it's crucial that banks and building societies keep strengthening the relationship they have with their customers by offering them innovative products and services.

“Competition in the current account market is hotter than ever and banks can't afford to take their foot off the pedal. Already this year we have seen high profile brands such as M&S and Tesco launch current accounts specifically designed to steal customers off the high street. With the likes of Virgin Money and Atom Bank also expected to launch in the next 12 months, it's clear that the Big Four are no longer holding all the cards.”

Picture credit: © Mike2focus | Dreamstime.com