Banks now face the need to rebuild customer loyalty as a new survey shows over half of regional and rural Australians have lost faith in their bank and many believe change is necessary.
In a recent survey of 1040 rural and regional Australians conducted by OurPatch, a community web portal, over half of respondents claimed to have lost faith in their bank, with almost 40 per cent considering changing to a different bank.
An overwhelming 84 per cent of people surveyed believe that banks should be regulated and held accountable by a government body.
Director of OurPatch, Simon Van Wyk said, “It’s a real issue that the majority of rural and regional Australians don’t trust banks to operate independently. Either a regulating system needs to be introduced, or banks need to seriously reevaluate their processes.”