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
British Business Bank UK Network aims to improve funding awareness across UK
The British Business Bank UK Network will help to improve awareness of funding options across the UK by directly approaching business finance professionals...
Building with confidence in challenging times
It is difficult to think of a time in the past three decades when the chasm between the interests of UK business and the Palace of Westminster has been more exposed than the Brexit debacle...
Real Property Finance passes £100m in deals with Cambridge & Counties Bank
Cambridge & Counties Bank has provided more than £100m of loans for the clients of Real Property Finance (RPF)...
Metro Bank reports 48% increase in lending
Metro Bank has reported that its lending increased by 48% in 2018 compared with 2017...
Metro Bank appoints Luke Lloyd-Davies to advisory board
Metro Bank has appointed Luke Lloyd-Davies to its advisory board...
OakNorth: how some of the entrepreneurs we’ve lent to first got started
For many, the new year brings with it new possibilities and the chance to explore new opportunities...
Hanley Economic BS to push self-build offering
Hanley Economic Building Society is set to commence an extensive 2019 self-build campaign as it aims to engage with growing numbers of self-builders...
NatWest offers Esme Loans directly to its SME customers
NatWest will now offer Esme Loans products directly to its existing SME customers...
OSB appoints new NED
OneSavings Bank has announced that it has appointed Sarah Hedger as a non-executive director, with effect from 1st February...
Tandem Bank reaches 500,000 customers
Tandem has announced that it has reached 500,000 customers one year on from being granted a full banking licence...
Bank Leumi UK appoints new head
Bank Leumi (UK) has appointed Sarah Ryman (pictured above) as its new head of premier banking and liabilities...