Online banks 'failing to gain trust'

Internet banks have fared particularly badly in a new study that suggests the industry has lost trust from the majority of UK consumers.The Unisys-commissioned survey found that 71% of customers do not trust their banks, while the two worst rated brands were web-based.

At a time when the industry is under fire over charges and profits, 82% of respondents attributed ‘respect for customers’ as an important issue in gaining their trust.

Disrespectful attitudes, poor privacy, weak IT and poor corporate governance were among the main problems they highlighted.

According to Unisys, the results also suggest face-to-face interaction is important to consumers, as the lowest six rated banks had no High Street presence.

Elton Birden, the company’s VP of UK Financial Services said:

“Banks must look beyond firewalls and data breaches and understand that consumers consider everything when deciding where to place their trust.

“The poor performance by the online banks also suggests that face-to-face contact and the ‘human touch’ count for a lot with the British public.”