Dear Banks, We Need to Talk... As families reconnect over the Christmas period, it’s time to do the same with our banks
Zahra Hassan, co-founder of Eligible, discusses how lenders can embrace technology to reconnect with customers and leave financial illiteracy in 2023
Key Stats:
- 11.9 million Brits agree that none of the financial advice they receive from their bank is personalised to them and their financial situation, leading them to ignore this
- 3 million Brits agree that they disregard bank letters and statements regarding late or missed payments as they do not understand the financial language that banks use
- As families reconnect over the holiday season, one relationship that’s fallen below the radar over the course of 2023 has been that of banks and their customers. In new landmark research unveiled by Eligible - the UK’s first platform used by banks to provide bespoke financial expertise - up to 12 million Brits cite that they receive zero personalised communication from their bank. Further to this, an additional 3 million people have been found to leave their communications from banks unread due to the inaccessible financial jargon favoured by their lenders. In light of this chasm of discourse between banks and customers, Zahra Hassan, co-founder of Eligible, discusses the importance of forging stronger relations with Britain’s long lost relative, the bank.
According to Hassan, this past year has witnessed a continued strain in the relationship between banks and their customers. Ongoing bank closures remain a centre piece of the UK’s shifting financial landscape, with a total of 636 high street outlets reported to be closing their doors for the final time this year alone. Research from Link has also found that 2024 may be the year that up to 30 towns and villages across the UK become so-called “banking deserts” – communities left without an in-person service.
- Zahra Hassan, co-founder, Eligible
- Industry News
- Posted On