Big lenders win back customers’ loyalty with year of special deals

Tim Wallace
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AIN’S biggest banks have upped their game in the face of new competitors, turning around their reputations after years of scandal, a study claimed today.

Five of the biggest eight banks made progress in the past year, impressing their customers, according to the survey carried out by Grant Thornton.

By contrast, only four of the 10 challenger banks improved their reputation – though they have not been through the scandals of more established banks, meaning their reputations are not simply bouncing back from past beatings.

“Market conditions are forcing institutions to understand their customers and correct the gaps in service quality in order to remain competitive – something we’re starting to see the tangible impact of,” said Grant Thornton’s Ewen Fleming. “As the established banks continue to improve their offerings, the challengers can’t just rest on their laurels.”