Major UK banks struggling to retain customers, study finds

16 October 2012

Consumers in the UK are increasingly looking elsewhere from the country's major banks as these financiers continue to be riddled by scandal, new figures have indicated.

Several financiers outside of Britain's so-called 'big five' banking group - which is made up of Barclays, Lloyds, Royal Bank of Scotland, NatWest and Santander - have welcomed record numbers of new customers recently, the Daily Mail reports.

For instance, Nationwide experienced a typical weekly upturn of 67 per cent in terms of people opening a current account throughout the summer months when compared to the corresponding period in 2011.

Meanwhile, data released by the Co-operative yesterday revealed it saw 100,000 new customers start banking with it in June and July this year - the highest number of switchers the lender has ever witnessed.

And Danielle Paffard of the Move Your Money campaign group told the news source that the "scandal-laden" last few months have been the "final straw" for many people.

"From technical meltdowns, to the Libor scandal and money laundering, we've seen an enormous number of customers ditching their bank for something better," she added.

By Claire Archer

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