Consumers would rather bank with retailers such as John Lewis or Asda rather than the standard banking giants, according to a report by Uswitch.com.
The poll, which surveyed about 1,300 adults, found that the most trustworthy brand was John Lewis with its ‘never knowingly undersold’ campaign. Three in four adults said they would trust it to take care of their money.
According to the Daily Mail, almost half said they would trust Waitrose, which is also owned by the John Lewis Partnership. Asda, Morrisons, House of Fraser and online retailer Amazon were also rated highly.
Less than one in 10 of those surveyed said they believed their bank offered ‘the best value for money,’ while only 37% said they receive ‘good customer service’.
Uswitch.com personal finance expert Michael Ossei said: “It is a telling reflection of the UK banking industry that consumers are willing to put their trust in brands that have no banking experience.”
In what has been a troubled five years across the banking sector, some retailers have launched into banking, taking advantage of their brand equity.
In October, Marks & Spencer will launch a current account, as revealed by Retail Week, while Tesco, Sainsbury’s and The Co-op all offer financial services.
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