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UK consumers 'looking for alternatives to high-street banks'

An increasing number of people in the UK are looking to less traditional means of accessing bank services.

This is according to a new survey by uSwitch, which found more and more consumers will consider organising their finances through supermarkets and retailers.

John Lewis is trusted by three-quarters of the public for such needs, while 46 per cent, 36 per cent and 26 per cent would use Waitrose, Asda and Morrisons respectively.

Even smaller supermarket chains were considered viable options, with eight per cent willing to give Lidl a try, while nine per cent would opt for Aldi.

The data also revealed 68 per cent of individuals feel these new outlets are more caring about customers than established high-street banks.

Michael Ossei, personal finance expert at uSwitch, said the results are a "telling reflection" of how Britons view the banking industry.

"Consumer confidence in banks has been battered these last few years and recent scandals and IT fiascos have done little to win customers back," he stated.

By Asim Shah