Personal Banking: The ProblemsThere was a wide range of difficulties for personal respondents. A third (32%) of respondents had experienced difficulties applying for local market mortgages, 20% had encountered difficulties applying for credit cards and 11% had experienced problems opening a current account.
Quotes on local market mortgages:“The LTVs on loans were too restrictive and the affordability calculations were very restrictive.”
“Lack of choice, no ability to offset savings to debt, rates far higher than UK”
“Decisions did not seem to reflect local market conditions as they were made in UK where there is a poor understanding of local issues.”
“Lack of human input, merely a tick box exercise and the personal banker was unable to be flexible or make any decisions.”
Quotes on credit card services:“Several companies won’t touch Guernsey addresses.”
“I was referred to the bank’s mainland card provider who immediately rejected me because they could not verify my address.”
“Rubbish terms compared with UK cards.”
“High volume of documentation required, made the process time consuming and annoying.”
What does this mean?In 2016, a bank should be able to use readily available technology to bring together information already on file to make any application process more efficient and less onerous.
“a bank should be able to use readily available technology to bring together information already on file to make any application process more efficient and less onerous.”
Survey Results GUERNSEY CUSTOMERS
402 surveys completed in total
Banking services in Guernsey: opinion statements
High numbers experienced difficulties plus low levels of satisfaction
Personal Banking: The Problems
Personal Banking: Satisfaction levels
Business Banking: The Problems
Business Banking: Satisfaction levels
Fiduciary Banking: The Problems
Fiduciary Banking: Satisfaction levels
What are the problems and why?
What are the solutions?
The next steps