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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
NAB appoints new group CEO and MD
National Australia Bank (NAB) has named Ross McEwan (pictured above) as its new group chief executive officer and managing director...
The Co-operative Bank extends free SME banking offer
The Co-operative Bank has extended its free banking introductory offer for new SME customers by a year...
Cloud migration: Key considerations for financial services
More than ever, it is imperative for financial services organisations to migrate to the cloud...
Maria Harris set to leave Atom bank
Atom bank has revealed that its director of retail mortgages Maria Harris (pictured above) is set to leave to become an independent consultant in the mortgage market...
Handelsbanken reports 6% surge in UK lending
Handelsbanken has reported a 6% increase in UK lending to £21.4bn in Q2 2019, compared with Q2 2018...
Tandem reveals development of new mortgage product
Tandem Bank has revealed that it’s developing a new mortgage product which will be suitable for first-time buyers...
Goldman Sachs invests €25m in Raisin
Goldman Sachs has provided €25m of funding to Raisin...
The power of partnerships
Since our launch in September 2015, we have proven our ability to innovate in the UK savings market, which has been recognised with various savings awards...
N26 rebrands premium account
Mobile bank N26 has launched a premium accounts product named N26 You...
Sesame adds Investec Private Bank to panel
Investec Private Bank has been added to Sesame’s panel...
84% would change financial services provider due to poor complaints experience
More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research...