Which bank should UK customers switch to?
With the arrival of new regulations, UK banking customers can now expect to switch in seven days. More than this, the responsibility lies with the banks to make sure that the process runs smoothly. If there are any errors, such as a payment going to or being taken from the wrong account, it is the bank that has to correct and compensate the customer accordingly.
UK banking customers have traditionally been extremely loyal, with some suggesting we are more likely to change partner than we are to move to a different bank, but the competitive landscape is changing.
The Telegraph has published its guide to account switching, with banks evaluated according to incentives, interest and customer service.
Though Santander and Halifax are rated highly for incentives and cashback, it is First Direct who is identified as the top bank for customer service.
Mr Daley of Fairer Finance says: "It's a good way ahead of other banks, and its customers are often heard advocating the brand, recommending it to their friends." It has good smartphone apps and a 24-hour call centre, where calls are answered by a human, not a machine."
UK retail banking has never been more competitive and customer service is one of a variety of areas that banks are jostling for competitive advantage.