More than 40% of UK consumers cite quality service as one of the main reasons they stay with their bank, although 47% believe that by not switching institutions they are missing out on better financial services.

At the same time, the study shows that 35% of consumers believe they are not losing money by staying with their current provider, indicating a widening gap in consumer perceptions of banking services. 40% of consumers also point to their bank’s good reputation and trust as another key reason to stay with it.

Vincent Lascoux, Odigo‘s Chief Customer Officer, comments: “The study shows that despite the financial challenges and difficulties faced by consumers, quality customer service is still a key factor when it comes to customer retention.”