The number of complaints the FCA receives regarding current accounts is likely to continue to decrease, an industry expert believes.
The FCA recently revealed that 509,047 complaints were made to financial services firms about current accounts during the second half of 2017, down by around 10,000 compared with the first half of 2017.
Some 2.21 million complaints were received by firms (excluding PPI) in H2 2017, around 13,000 fewer than the previous six-month period.
A spokesperson for HSBC UK told Specialist Banking: â€œProviding excellent customer service and satisfaction is paramount to everyone at HSBC.
â€œWhen things go wrong, we want to resolve problems as quickly and fairly as possible for customers and learn from them.'
According to the FCA, 56% of all financial services complaints (excluding PPI) were resolved within three business days.
â€œWe consistently evaluate the valuable feedback and customer service data we receive to improve products, services and customer experience,' added the spokesperson for HSBC UK.
Edoardo Moreni, CEO and co-founder of Emma Technologies, said: â€œI think the number of complaints won't stop decreasing and this will be the same with challenger banks.'
Edoardo added: â€œPersonal finance is something so deep and 'personal' that every single consumer has different needs.
â€œIt's really difficult to build a product that fits a really large audience.'
When asked if the complaints could result in more customers switching to specialist banks, Edoardo said he didn't think the situation would change.
â€œChallenger banks have built really nice experiences that work wonderfully for a secondary account, but the road to [having] them fully used as primary ones is [long], ' Edoardo added.
â€œBanks will come up with their own challengers to try to enlarge their product offering and compete in an overcrowded market.
â€œThe market is getting more and more fragmented, so no one will be capable of building a central hub.
â€œIt's more likely that consumers will end up with three to four current accounts.'
John Gunn, executive chairman at SynerGIS Capital, said banking customers were becoming increasingly disenfranchised by branch closures, poor returns and long waiting times for the resolution of their problems.
â€œIssues which previously could have been sorted out over the counter by a sympathetic, trained member of staff are now escalating into full-blown, frustrated complaints.'
John claimed: â€œThe recent TSB outage is obviously going to distort the next published complaints figure to a great degree.'
In April, TSB reported that its customers had problems regarding access to accounts via its website and mobile app, as their accounts were moved to its new banking platform.
John highlighted how challenger banks were often offering new ways of resolving issues.
â€œChallenger banks with fresh IT infrastructure often offer multiple channels for the resolution of issues, such as chatroom and social media.
â€œIn addition, open beta testing encourages a collegiate and community approach with customers for the resolution of problems and troubleshooting.'
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Revolut granted European banking licence
Revolut has announced that it has secured its European banking licence...
Starling hires head of SME banking
Starling Bank has announced the appointment of Stuart Doignie as its head of SME banking...
Local brewery secures backing from Development Bank of Wales
The Development Bank of Wales has part-funded a £134,000 capital investment project by Wild Horse Brewing Company...
Metro Bank adds international payments to mobile app
Metro Bank has enhanced its mobile app with the introduction of international payments for its personal and business customers...
How digital technology can help high street banks innovate
As society moves more and more towards a digital future, the closure of retail bank and building society branches is anticipated to accelerate...
Mortgage Industry Collective releases charity single
A group of mortgage professionals have collaborated to release a Christmas charity single to raise money for End Youth Homelessness...
City of London Group appoints first NED for Recognise
City of London Group PLC (COLG) has named Simon Wainwright (pictured above) as the first non-executive director for its subsidiary Recognise Financial Services...
BBB names network director for North and Midlands
The British Business Bank (BBB) has appointed Geoff Whiteland as its new UK network director for the North of England and the Midlands...
Wyelands Bank completes ABL deal for stainless steel supplier
Wyelands Bank has completed a seven-figure, asset-based lending deal for AD Bird Stainless Limited...
Axis Bank names new MD and CEO
Axis Bank Ltd has announced that Shri Amitabh Chaudhry will become its new CEO and managing director...
Co-operative Bank to apply for grants from RBS fund
The Co-operative Bank has announced it will apply for funding from the RBS alternative remedies package as it looks to grow its presence in the business banking market...