Just 15 per cent think challenger banks are better than big lenders
New banks want to establish themselves as a fresh alternative to the dominant high street banks which have taken the blame for the financial crisis. But it is a tough ask.
For new research out today from U-Switch suggests the public is not impressed with their offerings so far.
Just 15 per cent think the challengers represent good value for money. And exactly the same proportion trust the new lenders to treat them any better than the traditional banks.
The study found 87 per cent of customers wanted a financially secure bank and 87 per cent wanted one that treated them well.
Some of the new lenders have been set up by supermarkets, including Tesco and Sainsbury’s.
But U-Switch found the most popular choice would be a John Lewis bank – 77 per cent said they would bank with the retailer.