By Julian Goldsmith, 13 August 2007 12:45
NEWS
One in three bank customers would switch their account based on the condition of the bank's ATM network, research claims.
According to a study sponsored by ATM software company Level Four, 38 per cent of the 1,000 respondents said they would consider jumping ship if too many of their bank's hole-in-the-wall machines were either out of order or out of cash.
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The reaction is more marked when the respondents are broken down by age, with 43 per cent of bank customers aged between 18 and 24 more likely to consider switching - while 51 per cent of respondents aged over 65 would not consider it.
The researchers said a greater willingness for younger customers to switch their bank if they are not satisfied with self-service facilities should worry banks, which traditionally try to sign up customers when they are young.
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Level Four CEO Ian Kerr said the cash machine remains a key customer touch point for banks today but banks often overlook their cash machines in favour of investing in other channels such as online banking.
It is time for them to devote more attention to the reliability of their cash machine networks, he said.
Comments
There are 2 comments. Join the discussion
1. Chris Anderson
People care about the branding on an ATM? Am I unusual because I use the first free one I find.
I just can't understand why anyone would use an ATM that charges a fee!
2. Keith Guthrie
Unsurprising finding given who commissioned the survey...
I agree with the comment about branding - Unless you live in an area with few cash machines, it doesn't really matter about getting cash out - It may be important where paying in, but I must admit I would rather pay money in over the counter rather than feed it in without all the unfolding and flattening that entails.