One of the biggest problems facing the world of banking is that a large chunk of the world is now relying on banks to do everything from making loans to settling disputes.
But the situation is getting worse by the day.
Now a new report from the UK’s National Audit Office (NAO) shows that the UK has the highest levels of bank customer-service calls in the world.
The report, titled “Unfair and Unnecessary Customer Service in the UK”, says that between January and December this year, over 10.4 billion calls were made to banks across the country.
Of those, more than 8 billion were made by UK banks.
This means that over 90% of all UK calls made by British banks went to the banks themselves, rather than to the customer service team that was supposed to be on hand to answer the call.
In the report, NAO notes that the level of customer-related complaints in the country has been rising for years and this is a reflection of the fact that banks have to constantly compete for the limited resources of the public.
“While banks are under pressure from customers, it’s clear that they are also under pressure to provide more customer service to their customers,” NAO’s report says.
“The Bank of England has set a target of making 75% of calls to customers and, since 2011, it has already achieved that.”
NAO says that over half of all calls made to British banks during the financial crisis were made in response to the financial system’s crisis.
But it’s not just banks that are struggling.
As part of a report by the World Bank, the report found that the proportion of businesses in the developed world that do not have a bank account is rising.
This has led to a shortage of finance for many businesses and a rising cost of goods and services.
The report says that the financial services sector has been hit hard by the crisis, particularly by the lack of access to credit.
It says that in the developing world, the sector is experiencing a shortage in finance, and this can have a direct impact on employment.
One of the main problems facing businesses is that the majority of the financial transactions are not done through the traditional financial system.
This can result in companies not receiving payments for goods and other services and it can also result in high costs.
What are the main issues with banking?
The main issues facing banks are not the ones outlined in the report but rather a new and emerging issue.
“The financial system is being disrupted by the growth of technology, which allows for more and more payments to be made in real time and this has led, in many cases, to the creation of new payment options,” the report says, adding that there are also issues surrounding online payment systems and the lack or difficulty in accessing the information that is required in order to make a payment.
So, is the problem of customer service a result of the crisis?
While some might say that this is the case, NAOS found that while the crisis has created problems for businesses, it also has had an impact on the public’s perceptions of banking.
In the report it states that the public perception of banking has been “falling significantly since the 2008 financial crisis”, with an increase in the number of bank customers having negative feelings towards banks.
“Although banks are a major part of our economy, we have a very poor reputation as a bank,” the NAO report says and points out that many of the bank customers are “under-educated”.
“The public’s perception of banks has changed, and it’s been falling in a way that’s not necessarily related to the crisis.”
However, the NAOs report also argues that the situation has not changed in terms of the amount of money being made available to banks and that the government’s role has not been impacted by the economic downturn.
The NAOs study also noted that the number and size of banks in the US has fallen by 30% over the past decade, from $6.4 trillion in 2007 to $4.8 trillion in 2014.
Will the crisis make it harder for banks to compete for customers?
NAO argues that banks will need to invest in customer-centric products in order for the industry to succeed.
The company says that if a bank is not offering a customer service option that customers can use to make payment requests and is unable to provide an easy-to-use and efficient online service, then it will lose customers and will face more competition from other businesses.
However there is some good news for the banks that have a customer-focused service, such as American Express.
In its report, the bank said that customer-oriented services are essential to its business model.
It points out, for example, that the company has had to reduce its reliance on debit cards due to a decline in customer spending.
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