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63% find challengers more trustworthy than big five banks

Martin Greenland | 07:27 Wednesday 7th November 2018

Some 63% of customers have revealed that they find challenger banks more trustworthy than the big five high street banks, according to the latest research.

The survey of Hampshire Trust Bank’s (HTB) personal savings customers found that 54% of respondents said that trust in banking had improved since the financial crisis in 2008.

In addition, 65% of respondents claimed that they were not familiar with Open Banking, while only 5% said they would be prepared to share their data.

When asked about the most effective savings options and investment strategies over the next five years, 71% of respondents selected cash savings, 15% opted for equities and 4% chose property investments.

Furthermore, 55% of respondents claimed that Brexit would not impact their approach to saving and spending.

“In the highly competitive banking sector, we are accustomed to the challenger versus incumbent narrative, so it is extremely encouraging to hear from savers that challenger banks are trustworthy, specialist and relevant in this evolving landscape,” said Stuart Hulme, director of savings at HTB (pictured above).

“The results also show that trust in banking has improved since the dark days of 2008.  

“This is arguably being driven by challenger banks. 

“That said, the banking community still needs to do more in order to restore confidence in consumers. 

“We all have a duty in this regard and most continue to demonstrate that we put the customer first.”

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