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

Nannas try to 'arrest' MPs across the country

The Knitting Nannas at Kevin Hogan's office in Molesworth St and, below left, Knitting Nanna Dororthy Moller with an 'arrest warrant for Kevin Hogan.

Group storms office in brazen stunt

Kalti on the trail of a grand master scent

TOP TRACKER: Tracey Knox and her champion tracking dog Kalti celebrate their latest title, a Master of Track and Search.

WATCH: Wonder dog Kalti sniffs out his jackpot in streets of Grafton

Shark attacks: What's behind the steep rise?

Shark attacks on people have significantly increased i

Local Partners

Green light for sports centre to re-open

NEW operators hoping existing users will return to sports centre and get 'business back to normal'.

Tea party with the 'Queen'

TRADITION: 1955 Jacaranda Queen Stella Wilson sits with reigning 2015 Jacaranda Queen Charlotte White at last year's Jacaranda Afternoon Tea.

Meet the royal patyu in style

Making steps for 'Blacky' in Walk 4 Brain Cancer

Grafton locals are doing a Walk 4 Brain Cancer in Sydney for Robert Black.

Team Blacky aims to better $5000 to battle brain cancer.

Sound of Music star to compere An Afternoon at the Proms

This photo provided by Twentieth Century Fox Home Entertainment shows, from left, Chairmian Carr, as Liesl, Nicholas Hammond, as Friedrich, Heather Menzies, as Louisa, Duane Chase, as Kurt, Angela Cartwright, as Brigitta, Debbie Turner, as Marta, Kym Karath, as Gretl, and Christopher Plummer, as Captain Von Trapp, in a scene from the film, \"The Sound of Music.\" The 1965 Oscar-winning film adaptation of the Rodgers & Hammerstein musical \"The Sound of Music\" is celebrating its 50th birthday in 2015. To honor the milestone, 20th Century Fox is releasing a five-disc Blu-ray/DVD/Digital HD collector's edition, the soundtrack is being re-released, the film will be screened at the TCM Classic Film Festival in Hollywood later this month and to over 500 movie theaters in April. (AP Photo/Twentieth Century Fox Home Entertainment)

Saraton's rich history of stage and screen honoured in musical tribu

REVIEW: Season 7 premiere of The Walking Dead disgusted me

I'm disgusted by The Walking Dead premiere.

SPOILERS: The Walking Dead premiere disgusted me.

Flick teases intense and entertaining Survivor grand final

Felicity 'Flick' Eggington in a scene from the TV series Australian Survivor.

GOLD Coaster's elimination leaves Lee, El and Kristie in final three

Priscilla concerned people will forget about Elvis

Priscilla Presley source Bang

She says she feels responsible to keep his legacy going

Taylor Swift files lawsuit over alleged groping

Taylor Swift source Bang

Swift has commenced legal action against a DJ over the incident

Kanye West threatens to boycott Grammys

West says he won't go to the Grammys if Frank Ocean's not nominated

Why this actress wasn't embarrassed by nude photo leak

Leslie Jones source Bang

'If you wanna see Leslie Jones naked, just ask,' she said

Look at me! Kath and Kim home up for sale

Kath and Kim from the iconic Aussie TV series.

'Crack open the Baileys and grab a box of BBQ Shapes'

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available

Hit songwriter's Noosa mansion on market

SPECIAL PLACE: The Cintamani estate is going to tender, marketed by Tom Offermann Real Estate.

Is this Queensland's best property?

Kiwi siblings snap up Dotcom mansion for $32.5m

The new toy company owners of the Coatesville mansion want replace any controversy with positivity and fun. Photo / Barfoot and Thompson

The trio paid $32.5 million for the property in June

New $200 million development will create 580 jobs

Cassie And Josh with baby Alfie and daughter Andee. They have bought at new Lennox Head development Epiq.

Majority of new positions will be given to Northern Rivers locals

Cherrabah's mega resort plans axed

PLANS for a massive development at Cherrabah have been scrapped.