The report, which is based on research conducted by YouGov, shows that bonus culture and putting short term profitability ahead of customer welfare was the most significant contributor with recent banking scandals including the LIBOR-rate fixing scandal the secondary concern.
The study of 1,008 of the UK’s wealthy individuals found out that 83% of UK HNWIs, defined as those with more than GBP250,000 of investable assets, believes that the country’s banking industry is as dishonest as politics and journalism.
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About 76% of the wealthy individuals who were surveyed said that they would prefer personal banking where one knows that their bank manager is following the modern de-humanized approach.
Also, almost 10% said that they have had their accounts hacked, with 18% of them saying that the bank did not recognize the change in spending.
Matthew Parden, managing director of Duncan Lawrie Private Bank, said: "The retail banking industry has changed beyond all recognition in the last three or four decades."
"Consumers have had enough. In this age of internet and mobile banking it may seem odd to talk about a return to old fashioned values, but that is what the sector has to do. We must again be seen as trusted advisers. The values that held resonance in the time of Captain Mainwaring’s branch at Walmington-on-Sea hold as much weight now. A return to personalised banking is long overdue," Parden added.
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By GlobalData
