Money

Multi-banking on the rise

According to the E&Y report, customers are more likely to use financial comparison websites than ask a reputed adviser about banking.
According to the E&Y report, customers are more likely to use financial comparison websites than ask a reputed adviser about banking. Kieran Salsone

You've been a very naughty bank (but I still love you).

In the second of its global banking surveys, the accounting and consultancy giant Ernst & Young (E&Y) has found banks are struggling more than ever to retain the loyalty of their customers.

"The proportion of customers planning to change banks has grown by 70 per cent since 2011," the just-released E&Y report says, "and attrition rates have increased in several major markets".

Titled, somewhat optimistically, 'The customer takes control', the E&Y report reveals high fees are the main cause of bank defections.

But the study also shows consumers are more willing to two-time their main banking partner, loosening even further the traditional ties of financial monogamy.

"Globally, multi-banking is increasing as customers search more actively for the best rates and products," the E&Y report says.

Others are even flirting with alternative financial lifestyles outside the strict banking norms.

"Customers remain wary of non-financial providers, but banks face a potential threat from new entrants offering better rates, more personalised service, stronger technology or more attractive rewards," E&Y says.

And with all this alluring financial promiscuity on display, consumers are seeking information they can trust about the best performers - mostly from family and friends "but online reviews and opinions are also gaining influence".

According to the E&Y report, customers are more likely to use financial comparison websites than ask a reputed adviser about banking.

"Comparison sites have achieved success across regions as diverse as Western Europe,
Latin America and Asia-Pacific, although they are slightly less popular in some mature markets - most notably the US, Canada and Australia," the study says.

"Globally, it is remarkable that comparison sites are now seen as playing a more important role than financial advisors, although that is not yet true in markets such as the US and Canada."

Despite all these threats to financial fidelity, however, the vast majority of customers don't want to leave home just yet.

"Overall, 87 per cent of global customers are either satisfied (68 per cent) or very satisfied (19 per cent) with their main bank," the E&Y report says, proving, perhaps, that in finance most of us just want someone dull we can trust.

Topics:  big banks interest rate loans



Strong surf expected this weekend

Strong surf conditions expected to hit the NSW coast this weekend.

The NSW coast is expected to receive strong surf this weekend.

Prison officers fighting for some public recognition

Locked down. Solid steel doors, bolts and padlocks ensure the security of the prisoners and prison officers. The mural at the end of the block was painted by inmates.

For too long prison officers have been neglected. Now that's changed

Three news subscriptions and a free paper for $3 - saywhat?!

No Caption

FORGET everything you thought you knew about a great deal.

Local Partners

Skin clinic swims for charity

Yamba Skin Clinic jumps into the water to help raise money for the Cancer Council's Relay for Life.


5 things to do this weekend

Lower Clarence Relay for Life Swim

Looking for something to do this weekend?

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Artist program to link to gallery theme

VALUABLE STINT: Indigenous artist Karla Dickens at work in Grafton Regional Gallery's studio during her 2010 artist's residency.

Gallery encouraging indigenous artists to take up residency offer

Buckley's chance in psychological thriller

James McAvoy and Betty Buckley in a scene from the movie Split.

Broadway veteran back on big screen with James McAvoy

Daniel MacPherson: acting’s a bit like channel surfing

Australian actor Daniel MacPherson in a scene from the American TV series APB.

THE Aussie export talks about making his mark in the US.

Shopping isn't fun if you can see dead people

Lisa Marie Woodham will be giving readings in Gladstone until Saturday January 21.

Shopping isn't fun if you can see dead people

Buderim man strips off for speed dating with a twist

RAW AMBITION: Buderim local Jackson pictured with his blind date Candice in a scene from SBS's new dating show Undressed.

People have done stranger things for love

Matthew McConaughey wrongly used as medical example

Doctor tried to steal credit for McConaughey's hair treatment

J.K. Rowling writes through severe back pain

An aching back couldn't stop J.K. Rowling catching inspiration

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

Rates safe from land value hike

DRIVING GROWTH: The Pacific Highway upgrade has been linked to improved land values.

Figures up in latest valuer-general report

KNIFE-EDGE: The housing tightrope we now face

Even the smallest interest rate rise will be hard for some to handle.

One if five home owners at risk, according to new analysis

Historical home leaves family's hands after 75 years

SALE CONFIRMED: The Gympie Regional   Realty team which sold the Ramsey property are (back) Mel Gastigar, Dorothy Palmer and Margaret Cochrane, with (front) home seller Terri-Jayne Ramsey.

Ramsey family played a huge role in Gympie's growth.

Pat Rafter's $18m Coast home proves hot property

PAT'S PAD: The Sunshine Beach home of tennis ace Pat rafter is on the market for a record price.

"It's a record for our company and for the Sunshine Coast.''

Ready to SELL your property?

Post Your Ad Here!