The UK people have spoken, or maybe at least put into action, their sentiments against the domination of UK banks and the lack of competency. Spanish Bank Santander and Building Society Nationwide is taking up huge chunks of the UK Big Four banks’ customers who have switched accounts in the last few months.
According to BankingTech.com, bank account switching had increased by 12% in the previous year. It has increased to 1.16 million people according to the UK Payments Council
Meanwhile, the biggest banks who lost their customers were HSBC, RBS, Co-Operative. They have lost more than 75,000 customers from April to June 2014. Santander, Halifax and Nationwide gained 89,000 new customers in the same period.
Santander and Nationwide previously had lower scores in terms of PPI mis selling dues. Santander has a total of around £1.1billion. Nationwide has around £1.5 billion owed to its customers, which it addressed and half of which had been returned to consumers.
PPI or payment protection insurance now has a total of £23 billion for consumer compensation. The figures from these sources indicate that the UK is responding with a lack of consumer confidence with UK-rooted banks.
Until the banks change their attitude and system when it comes to compensating consumers, they can possibly receive lower customer influx for 2015.