Marketing professor: Lack of alternatives gives little incentive for banks to improve

Author
Newstalk ZB,
Publish Date
Fri, 18 Jun 2021, 8:43AM
(Photo / Getty)
(Photo / Getty)

Marketing professor: Lack of alternatives gives little incentive for banks to improve

Author
Newstalk ZB,
Publish Date
Fri, 18 Jun 2021, 8:43AM

Questions remain as to whether banks are bothered by increasing customer dissatisfaction. 

With more banks closing in provincial areas, phasing out of cheques, and receiving poor customer service reviews, satisfaction levels are falling.

Consumer NZ found only one third of people trust their banks, while two thirds think banks are charging too much.

Associate professor of Marketing at Auckland University Mike Lee told Kate Hawkesby that a lack of alternatives means banks have little incentive to improve.

“Because of a lack of alternatives and a lack of any perceivable difference from a customers point of view, they won't change. There's really no incentive."

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