Clients of big banks reveal they lack trust in providers

JUST 22 per cent of clients have trust in their current banking providers, according to a global study published by the IBM Institute for Business Value.

The study, which conducted surveys in 13 countries, found that many banks continue to suffer from unsustainable cost structures and unreliable revenue streams. It added that much of the banks’ recent shortcomings can be attributed to ineffective analysis of client behaviour and perception of value.

A spokesman for IBM said: “Some banks are starting to grasp the benefits of using improved behavioural analytics to establish a sustainable relationship with their clients.”

As some Western banks continue to suffer from the financial turmoil, new players, such as the Chinese, have the ability to bypass others’ mistakes and use the latest technologies to their advantage, the spokesman added.