For many people, the decision as to which bank we choose to deposit all of our hard earned cash with can be a lifelong commitment. Typically, the average Brit will open their first current account at the age of 13, and is usually the result of our parents will opposed to simply being proactive. In almost 80% of circumstances, the average Brit will stick with their chosen bank for the entirety of their adult life, although a percentage will open additional accounts with different banks, for specific purposes such as savings.
Although very few people have a direct relationship with their bank manager, it is reported that the large majority of British bankers, do have relationships and indeed loyalties to the actual institution. For this reason, it is important that banks conduct their business ethically and do their up most to ensure their customers are being correctly cared for.
Once every 12 months, the British Bankers Association (the UK’s leading banking authority) releases a comprehensive report detailing certain trends and statistics designed to summarise consumer-spending habits and patterns. The report allows members of the association to better understand their customer profiles and to also formulate products to better cater for their customers needs.
According to the most recent report, throughout 2006 over £300,000 pounds was withdrawn from ATM’s across the country, every minute. It has also been revealed that more than £400,000 pounds worth of home loan applications were approved in the same time frame. These figures form a mere snippet of the collective information contained in the report, but they do demonstrate the reliance that consumers place on banks and banking services respectively.
It is widely agreed that due to the sheer amount trust and reliance that consumers put into their chosen bank, it is of paramount importance for banks to provide the highest level of service and to ensure their customers are getting the best possible deal. On the other side of the coin, it is also important for consumers to question the type of product or service they are offered by their bank, if they are not entirely happy. It makes good financial sense to review your finances every once in a while and to even possibly enlist the help of a financial advisor to ensure you are making the most of money.
