The news: Nearly half of British bank customers don’t trust their bank to help them manage their finances in a recession, per the GFT Banking Disruption Index.
By the numbers: Germany-based IT service management firm GFT released its inaugural Banking Disruption Index, a new quarterly survey that measures UK citizens’ satisfaction with their banks’ digital capabilities. This quarter’s index surveyed 2,000 UK respondents in August 2022. Here are the key stats:
- 48% of respondents said they don’t trust their bank to help them manage their finances through a recession.
- Conversely, only 33% said they trust both a digital and a traditional bank with their current account.
- 42% of those surveyed said they are concerned a market downturn would negatively affect not only their personal savings, but also their banks’ finances.
- About half (52%) of 16- to 24-year-olds said they think their bank is keeping up with technology quickly enough.
But despite these less-than-stellar findings, overall consumer sentiment remains positive, with customers giving a satisfaction rating of 79 out of 100.