UK BANKS

SERVICE QUALITY OF BANKS IN THE UK

INTRODUCTION

The banking sector in the United Kingdom is today experiencing consumer unrest due to dissatisfaction in the service offered by banks . Banks in the UK , compared to other parts of the world , are perceived to offer their clients sub-standard service in their product portfolio . This product portfolio that includes services such as corporate banking and retail banking as the main products which constitute savings accounts current accounts , student accounts , cheque processing and issuance e-banking and money transfer as some of the sub-products currently

br offered by banks , are all overshadowed by the wanting service delivery by these banks

Consumer dissatisfaction in UK banks has been demonstrated by the increase in consumer complaints as recorded by the financial ombudsman from 10 per week to 500 within a period of a year from March 2006 to March 2007 . Actions by the banking regulators in the UK have also demonstrated possible dissatisfaction among the banking clientele . Some of these actions include the creation of the Treating Customers Fairly initiative by the Financial Services Association (FSA , and the launch of an investigation by the Office of Fair Trading into retail bank current accounts in early 2008 due suspicion of malpractices by banks These are just some of the signs that insinuate a negative perception towards banks by the consumers and the regulators of the services offered by banks in the UK

Causes of Dissatisfaction

The dissatisfaction in the services offered by banks among the consumers has been...